Piper Sandler Reiterates Overweight Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “overweight” rating restated by stock analysts at Piper Sandler in a note issued to investors on Tuesday,Benzinga reports. They presently have a $75.00 price target on the semiconductor company’s stock, up from their previous price target of $60.00. Piper Sandler’s target price would indicate a potential upside of 16.82% from the stock’s current price.

Other analysts also recently issued research reports about the company. Northland Securities raised their price objective on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price objective (up from $50.00) on shares of Semtech in a research report on Tuesday. Stifel Nicolaus lifted their price target on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Susquehanna increased their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Finally, Summit Insights cut Semtech from a “buy” rating to a “hold” 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.70.

Semtech Trading Up 1.7 %

NASDAQ:SMTC opened at $64.20 on Tuesday. Semtech has a 1-year low of $15.63 and a 1-year high of $66.64. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of -4.86 and a beta of 1.54. The business’s 50-day moving average price is $46.24 and its two-hundred day moving average price is $39.12.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.02 earnings per share. Sell-side analysts predict that Semtech will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Huntington National Bank boosted 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 valued at $27,000 after buying an additional 302 shares during the last quarter. NBC Securities Inc. lifted its stake in Semtech by 115.8% in 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 last quarter. Ridgewood Investments LLC bought a new stake in Semtech in the second quarter valued at approximately $44,000. International Assets Investment Management LLC lifted its position in shares of Semtech by 4,464.9% in the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after buying an additional 1,652 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Semtech during the 2nd quarter worth approximately $60,000.

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.