Semtech’s (SMTC) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Semtech (NASDAQ:SMTC) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $70.00 price target on the semiconductor company’s stock, up from their previous price target of $50.00.

A number of other research analysts have also recently issued reports on SMTC. Benchmark reaffirmed a “buy” rating and issued a $56.00 price target on shares of Semtech in a report on Monday, October 7th. B. Riley raised their target price on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Roth Mkm lifted their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Stifel Nicolaus lifted their target price on Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Trading Down 0.2 %

NASDAQ SMTC opened at $64.04 on Tuesday. Semtech has a 12-month low of $15.63 and a 12-month high of $66.64. The firm’s fifty day simple moving average is $47.00 and its two-hundred day simple moving average is $39.47. The firm has a market capitalization of $4.82 billion, a P/E ratio of -4.83 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last announced its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating 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 99.08%. The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.02 EPS. As a group, sell-side analysts predict that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank increased its holdings in shares of Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in Semtech in the 2nd quarter valued at $44,000. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech in the 2nd quarter worth $60,000. NBC Securities Inc. boosted its position in shares of 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 during 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.