Semtech (NASDAQ:SMTC) PT Raised to $61.00 at B. Riley

Semtech (NASDAQ:SMTC) had its price target hoisted by B. Riley from $58.00 to $61.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. B. Riley’s price objective points to a potential upside of 40.13% from the company’s previous close.

Other analysts have also issued research reports about the stock. Roth Mkm lifted their price target on shares of Semtech from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Northland Securities increased their price target on Semtech from $36.50 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, June 6th. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday. Craig Hallum upped their target price on shares of Semtech from $36.00 to $48.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $60.00 price target (up from $40.00) on shares of Semtech in a research report on Wednesday, May 29th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Semtech has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

Semtech Price Performance

Shares of Semtech stock opened at $43.53 on Wednesday. The stock’s 50 day simple moving average is $33.06 and its 200-day simple moving average is $31.44. The stock has a market cap of $2.81 billion, a P/E ratio of -2.57 and a beta of 1.55. Semtech has a 1-year low of $13.13 and a 1-year high of $46.86.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Semtech had a negative return on equity of 154.99% and a negative net margin of 129.52%. The firm had revenue of $215.40 million for the quarter, compared to the consensus estimate of $212.30 million. During the same quarter last year, the business posted ($0.06) earnings per share. The firm’s revenue was down 9.6% compared to the same quarter last year. As a group, research analysts expect that Semtech will post -0.03 EPS for the current fiscal year.

Institutional Trading of Semtech

Several hedge funds have recently added to or reduced their stakes in SMTC. New York State Common Retirement Fund increased its position in shares of Semtech by 16.2% in the 4th quarter. New York State Common Retirement Fund now owns 544,200 shares of the semiconductor company’s stock valued at $11,923,000 after purchasing an additional 76,034 shares during the last quarter. Victory Capital Management Inc. raised its stake in Semtech by 81.1% in the fourth quarter. Victory Capital Management Inc. now owns 1,369,043 shares of the semiconductor company’s stock valued at $29,996,000 after buying an additional 613,274 shares in the last quarter. National Bank of Canada FI purchased a new stake in Semtech during the 4th quarter worth about $1,389,000. Lisanti Capital Growth LLC boosted its position in shares of Semtech by 12.1% during the 4th quarter. Lisanti Capital Growth LLC now owns 78,710 shares of the semiconductor company’s stock worth $1,725,000 after acquiring an additional 8,500 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Semtech by 10.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,231 shares of the semiconductor company’s stock worth $18,913,000 after acquiring an additional 81,825 shares in the last quarter.

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.