Semtech (NASDAQ:SMTC) Price Target Raised to $60.00

Semtech (NASDAQ:SMTC) had its price target boosted by Susquehanna from $55.00 to $60.00 in a research note released on Thursday,Benzinga reports. Susquehanna currently has a positive rating on the semiconductor company’s stock.

A number of other equities research analysts also recently commented on the company. B. Riley lifted their price objective on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Summit Insights downgraded Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Roth Mkm reiterated a “buy” rating and issued a $50.00 target price on shares of Semtech in a report on Wednesday, August 28th. Benchmark reiterated a “buy” rating and issued a $56.00 target price on shares of Semtech in a report on Monday, October 7th. Finally, Stifel Nicolaus lifted their target price on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.10.

Semtech Stock Performance

Semtech stock opened at $50.89 on Thursday. The stock has a fifty day moving average of $45.56 and a two-hundred day moving average of $38.87. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -3.76 and a beta of 1.54. Semtech has a fifty-two week low of $15.53 and a fifty-two week high of $53.22.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $215.40 million during the quarter, compared to the consensus estimate of $212.30 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.06) earnings per share. On average, analysts forecast that Semtech will post -0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Semtech by 1.6% in the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after acquiring an additional 131,133 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Semtech by 26.6% in the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after acquiring an additional 765,877 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in shares of Semtech by 4.6% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after acquiring an additional 114,999 shares in the last quarter. Kodai Capital Management LP lifted its stake in shares of Semtech by 2.7% in the first quarter. Kodai Capital Management LP now owns 2,039,837 shares of the semiconductor company’s stock worth $56,075,000 after acquiring an additional 54,267 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Semtech by 8.0% in the third quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock worth $73,883,000 after acquiring an additional 119,572 shares in the last quarter.

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.