Benchmark Reaffirms “Buy” Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating reiterated by stock analysts at Benchmark in a research note issued to investors on Monday, MarketBeat Ratings reports. They presently have a $56.00 price objective on the semiconductor company’s stock. Benchmark’s price objective would indicate a potential upside of 42.31% from the stock’s previous close.

A number of other brokerages have also recently commented on SMTC. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Northland Securities upped their target price on shares of Semtech from $36.50 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, June 6th. Susquehanna upped their target price on shares of Semtech from $45.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, June 6th. Craig Hallum upped their target price on shares of Semtech from $36.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $50.00 target price on shares of Semtech in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and an average target price of $52.60.

Semtech Trading Down 1.9 %

Shares of SMTC stock opened at $39.35 on Monday. The stock has a market capitalization of $2.54 billion, a P/E ratio of -2.33 and a beta of 1.54. The firm’s 50 day moving average is $34.88 and its 200 day moving average is $32.81. Semtech has a 12 month low of $13.13 and a 12 month high of $46.86.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The company had revenue of $215.40 million for the quarter, compared to analysts’ expectations of $212.30 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. Semtech’s revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.06) EPS. On average, equities analysts predict that Semtech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Semtech

A number of institutional investors have recently made changes to their positions in the stock. Arizona State Retirement System increased its holdings in shares of Semtech by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock worth $540,000 after buying an additional 407 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Semtech by 6.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock worth $214,000 after buying an additional 461 shares during the last quarter. Creative Planning increased its holdings in shares of Semtech by 3.4% in the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after buying an additional 588 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Semtech by 2.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the semiconductor company’s stock worth $971,000 after buying an additional 700 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Semtech by 4.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,482 shares of the semiconductor company’s stock worth $463,000 after buying an additional 710 shares during the last quarter.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.