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Topeka Capital Markets increased their target price on shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) from $27.00 to $30.00 in a research note issued on Tuesday. The firm currently has a “buy” rating on the stock. Topeka Capital Markets’ price target suggests a potential upside of 24.02% from the company’s current price.

Silicon Motion Technology Corp. (NASDAQ:SIMO) traded up 5.63% on Tuesday, hitting $24.19. The stock had a trading volume of 1,977,861 shares. Silicon Motion Technology Corp. has a one year low of $10.60 and a one year high of $23.97. The stock’s 50-day moving average is $20.72 and its 200-day moving average is $17.52. The company has a market cap of $802.7 million and a P/E ratio of 30.13.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its quarterly earnings data on Monday, July 28th. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.32 by $0.09. The company had revenue of $69.41 million for the quarter, compared to the consensus estimate of $62.90 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. The company’s quarterly revenue was up 19.0% on a year-over-year basis. On average, analysts predict that Silicon Motion Technology Corp. will post $1.28 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Wednesday, August 20th. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.48%.

Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company LLC raised their price target on shares of Silicon Motion Technology Corp. to $32.00 in a research note on Tuesday. Separately, analysts at Northland Securities raised their price target on shares of Silicon Motion Technology Corp. from $25.00 to $30.00 in a research note on Tuesday. They now have an “outperform” rating on the stock. Finally, analysts at Standpoint Research downgraded shares of Silicon Motion Technology Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Silicon Motion Technology Corp. currently has an average rating of “Buy” and a consensus price target of $25.77.

Silicon Motion Technology Corporation (NASDAQ:SIMO) is a holding company.

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