Semtech Co. (NASDAQ:SMTC) Receives $53.10 Average Price Target from Analysts

Shares of Semtech Co. (NASDAQ:SMTC) have been given a consensus recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $67.70.

Several equities analysts have recently weighed in on SMTC shares. Northland Securities increased their price objective on shares of Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday. Susquehanna increased their price target on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Piper Sandler restated an “overweight” rating and set a $75.00 price objective (up previously from $60.00) on shares of Semtech in a report on Tuesday. B. Riley upped their target price on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Roth Mkm lifted their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday.

Semtech Stock Performance

Semtech stock opened at $63.11 on Friday. The stock has a 50-day simple moving average of $45.83 and a 200 day simple moving average of $38.96. The stock has a market capitalization of $4.75 billion, a P/E ratio of -4.66 and a beta of 1.54. Semtech has a 52 week low of $15.63 and a 52 week high of $66.64.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. During the same period in the previous year, the company posted $0.02 EPS. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. Research analysts forecast that Semtech will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SMTC. Disciplined Growth Investors Inc. MN raised its position in Semtech by 343.3% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock valued at $74,550,000 after purchasing an additional 1,932,116 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Semtech during the 2nd quarter worth $43,395,000. Millennium Management LLC boosted its stake in Semtech by 26.6% in the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after buying an additional 765,877 shares in the last quarter. Whale Rock Capital Management LLC bought a new position in Semtech in the third quarter valued at about $32,126,000. Finally, Clearline Capital LP raised its stake in Semtech by 143.1% during the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after acquiring an additional 529,194 shares in the last quarter.

About Semtech

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.