Analysts Set Semtech Co. (NASDAQ:SMTC) Price Target at $68.70

Semtech Co. (NASDAQ:SMTC) has received a consensus rating of “Moderate Buy” from the twelve brokerages that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $68.70.

A number of research analysts recently weighed in on the stock. Benchmark raised their target price on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. B. Riley upped their target price on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Piper Sandler restated an “overweight” rating and set a $75.00 price objective (up from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Finally, Needham & Company LLC raised their price objective on Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, December 12th.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 6,114 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the transaction, the chief financial officer now directly owns 3,531 shares in the company, valued at $232,127.94. This represents a 63.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Huntington National Bank lifted its holdings in shares of Semtech by 105.2% in 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 during the period. Ridgewood Investments LLC purchased a new stake in Semtech in the second quarter worth about $44,000. Canada Pension Plan Investment Board bought a new position in Semtech during the 2nd quarter worth about $60,000. NBC Securities Inc. increased its position 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 purchasing an additional 739 shares during the period. Finally, Quarry LP bought a new stake in shares of Semtech in the 2nd quarter valued at about $63,000.

Semtech Stock Performance

Shares of NASDAQ SMTC opened at $63.55 on Thursday. The firm’s fifty day moving average is $53.69 and its two-hundred day moving average is $42.28. Semtech has a 52-week low of $18.16 and a 52-week high of $70.27. The company has a market cap of $4.81 billion, a P/E ratio of -4.87 and a beta of 1.65.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The business’s revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share. As a group, analysts forecast that Semtech will post -0.01 EPS 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.