Silicon Image Inc (NASDAQ:SIMG) May Surge Higher; Analysts Recommend ‘Buy’

by Tom Carlson | Thursday, Mar 13, 2014 | 854 views

Boston, MA, 03/13/2014 – Silicon Image Inc (NASDAQ:SIMG) earns analysts’ favor as they suggest the share to be a good investment given the track it has been following. The stock has surged 13.6% higher over a period of one month.

Good Future

Silicon Image Inc (NASDAQ:SIMG)’s stock is also higher above its 20 Day SMA as well and analysts at Zacks believe that it on the right track where it can be expected that the rally could continue for long. The company has been showing a good trend and combination of strong price performance and supporting technical. Analysts at Zacks have rated the company stock at Number #2 which indicates ‘buy’. The analysis was favored by the company’s recent earnings estimate revision activity. This suggests that investors could hope that the company will reach further heights in the future.

Last week, analysts at Zacks had upgraded the shares from ‘neutral’ rating to ‘outperform’ rating. They had even raised the price target of the stock up to $6.30. On the other hand, analysts at Needhan & Co. had downgraded the shares from ‘buy’ rating to ‘hold’ rating. Their target price on the stock was $6.50.

Insider Trading Influence

Shares of Silicon Image Inc (NASDAQ:SIMG) had increased soon after an insider purchased shares in the company. Chief Executive Officer, Camillo Martino had reportedly purchased as many as 5,000 shares of the company’s stock on the open market on March 7. He had purchased the stock at an average price of $6.62 per share. The total transaction was worth $33,100. Soon after the news was disclosed in a document filed with the SEC, the stock traded higher and reached up to $6.95 which was last traded at $6.94, with a volume of 1,011,766 shares.

Silicon Image Inc (NASDAQ:SIMG)  is a provider of connectivity solutions which allows reliable distribution and presentation of high Definition and good resolution content for handheld devices, consumer electronics and personal computer markets.

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