Semtech (NASDAQ:SMTC) Stock Price Expected to Rise, Benchmark Analyst Says

Semtech (NASDAQ:SMTC) had its target price raised by stock analysts at Benchmark from $56.00 to $82.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Benchmark’s target price indicates a potential upside of 27.73% from the stock’s current price.

Several other research firms also recently weighed in on SMTC. Needham & Company LLC restated a “buy” rating and set a $70.00 price target (up previously from $50.00) on shares of Semtech in a research report on Tuesday. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Roth Mkm raised their price objective on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday. Stifel Nicolaus raised their target price on Semtech from $58.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Piper Sandler reiterated an “overweight” rating and set a $75.00 price target (up from $60.00) on shares of Semtech in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Price Performance

NASDAQ SMTC opened at $64.20 on Tuesday. The company has a fifty day moving average of $46.24 and a 200 day moving average of $39.12. The company has a market capitalization of $4.83 billion, a PE ratio of -4.86 and a beta of 1.54. Semtech has a 1 year low of $15.63 and a 1 year high of $66.64.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. During the same quarter last year, the company earned $0.02 EPS. The business’s revenue was up 17.9% on a year-over-year basis. Research analysts expect that Semtech will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Semtech

Large investors have recently modified their holdings of the business. Huntington National Bank grew its position in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares during the period. Ridgewood Investments LLC purchased a new stake in shares of Semtech in the 2nd quarter worth about $44,000. Canada Pension Plan Investment Board acquired a new stake in Semtech in the 2nd quarter valued at about $60,000. NBC Securities Inc. increased its holdings in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 739 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Semtech in the second quarter valued at about $63,000.

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.