Semtech (NASDAQ:SMTC) Shares Up 6% Following Analyst Upgrade

Semtech Co. (NASDAQ:SMTC) rose 6% during trading on Friday after Needham & Company LLC raised their price target on the stock from $70.00 to $74.00. Needham & Company LLC currently has a buy rating on the stock. Semtech traded as high as $68.64 and last traded at $68.39. Approximately 97,851 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,867,122 shares. The stock had previously closed at $64.54.

Other equities analysts have also issued reports about the stock. Northland Securities raised their target price on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Craig Hallum upped their target price on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. B. Riley upped their price objective on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Stifel Nicolaus boosted their target price on Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Three equities research 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 an average rating of “Moderate Buy” and an average target price of $68.70.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank lifted its position in shares of Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of Semtech in the second quarter valued at approximately $44,000. Canada Pension Plan Investment Board purchased a new stake in shares of Semtech during the second quarter valued at approximately $60,000. NBC Securities Inc. boosted its position in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Semtech during the 2nd quarter valued at $63,000.

Semtech Trading Up 0.9 %

The firm has a 50-day moving average price of $51.48 and a 200-day moving average price of $41.41. The stock has a market capitalization of $4.93 billion, a PE ratio of -4.99 and a beta of 1.65.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data 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 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 analyst estimates of $232.89 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. Sell-side analysts expect that Semtech Co. will post -0.01 earnings per share for the current fiscal year.

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.