Semtech (NASDAQ:SMTC) Given New $70.00 Price Target at Craig Hallum

Semtech (NASDAQ:SMTC) had its target price lifted by Craig Hallum from $48.00 to $70.00 in a research note released on Tuesday morning, Marketbeat reports. They currently have a buy rating on the semiconductor company’s stock.

Several other analysts have also issued reports on SMTC. Susquehanna boosted their price objective on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Northland Securities boosted their price target on shares of Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday. Stifel Nicolaus increased their price objective on shares of Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Benchmark reissued a “buy” rating and issued a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Finally, B. Riley raised their price target on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research 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 data from MarketBeat.com, Semtech has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Price Performance

Shares of SMTC stock opened at $63.11 on Tuesday. The firm’s 50-day moving average is $45.83 and its two-hundred day moving average is $38.96. Semtech has a 12 month low of $15.63 and a 12 month high of $66.64. The company has a market capitalization of $4.75 billion, a PE ratio of -4.66 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The firm had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. During the same period in the prior year, the firm posted $0.02 earnings per share. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. Sell-side analysts forecast that Semtech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Semtech

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Semtech by 1.6% in the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock valued at $232,522,000 after acquiring an additional 131,133 shares in the last quarter. Millennium Management LLC increased its position in shares of Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after purchasing an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its holdings in shares of Semtech by 4.6% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock valued at $119,172,000 after purchasing an additional 114,999 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Semtech by 8.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock worth $73,883,000 after purchasing an additional 119,572 shares during the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of Semtech during the second quarter worth $43,395,000.

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.