Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) have earned an average rating of “Buy” from the twelve brokerages that are presently covering the firm. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $57.25.

A number of research firms have recently weighed in on SIMO. B. Riley reiterated a “buy” rating and set a $68.75 target price on shares of Silicon Motion Technology Corp. in a research report on Wednesday, April 26th. Zacks Investment Research upgraded Silicon Motion Technology Corp. from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Friday, May 5th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Silicon Motion Technology Corp. in a research report on Tuesday, January 24th. Instinet downgraded Silicon Motion Technology Corp. from a “buy” rating to a “neutral” rating and cut their target price for the company from $62.00 to $50.00 in a research report on Tuesday, January 24th. Finally, Standpoint Research upgraded Silicon Motion Technology Corp. from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Tuesday, March 7th. They noted that the move was a valuation call.

Hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in shares of Silicon Motion Technology Corp. by 5.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,940 shares of the semiconductor producer’s stock valued at $251,000 after buying an additional 292 shares in the last quarter. FMR LLC increased its stake in shares of Silicon Motion Technology Corp. by 62.8% in the fourth quarter. FMR LLC now owns 707,945 shares of the semiconductor producer’s stock valued at $30,074,000 after buying an additional 273,000 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Silicon Motion Technology Corp. by 7.7% in the fourth quarter. Renaissance Technologies LLC now owns 110,879 shares of the semiconductor producer’s stock valued at $4,710,000 after buying an additional 7,905 shares in the last quarter. Albion Financial Group UT increased its stake in shares of Silicon Motion Technology Corp. by 54.7% in the third quarter. Albion Financial Group UT now owns 99,016 shares of the semiconductor producer’s stock valued at $5,128,000 after buying an additional 35,028 shares in the last quarter. Finally, Oxford Asset Management acquired a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at $1,586,000. Institutional investors and hedge funds own 69.70% of the company’s stock.

Silicon Motion Technology Corp. (NASDAQ:SIMO) opened at 49.62 on Tuesday. Silicon Motion Technology Corp. has a 12 month low of $37.37 and a 12 month high of $56.25. The company has a market capitalization of $1.76 billion, a PE ratio of 15.91 and a beta of 0.91. The company has a 50-day moving average price of $47.13 and a 200 day moving average price of $44.19.

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About Silicon Motion Technology Corp.

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

5 Day Chart for NASDAQ:SIMO

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