Semtech (NASDAQ:SMTC) Price Target Raised to $85.00

Semtech (NASDAQ:SMTC) had its target price boosted by B. Riley from $61.00 to $85.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other research firms have also issued reports on SMTC. 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 report on Tuesday. Piper Sandler restated an “overweight” rating and set a $75.00 target price (up previously from $60.00) on shares of Semtech in a research report on Tuesday. Benchmark reiterated a “buy” rating and issued a $56.00 price target on shares of Semtech in a research report on Monday, October 7th. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Finally, Needham & Company LLC restated a “buy” rating and issued a $70.00 target price (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.70.

Semtech Trading Up 1.7 %

Semtech stock opened at $64.20 on Tuesday. The business’s 50 day simple moving average is $46.64 and its 200 day simple moving average is $39.30. Semtech has a 12 month low of $15.63 and a 12 month high of $66.64. The company has a market cap of $4.83 billion, a price-to-earnings ratio of -4.74 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results 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 99.08%. The firm had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. During the same quarter in the prior year, the firm earned $0.02 EPS. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, equities research analysts forecast that Semtech will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

A number of institutional investors have recently made changes to their positions in the stock. Huntington National Bank grew its position in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 302 shares in the last quarter. NBC Securities Inc. boosted its holdings in shares of Semtech by 115.8% in the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of Semtech during the 2nd quarter valued at about $44,000. International Assets Investment Management LLC raised its holdings in shares of Semtech by 4,464.9% during the 3rd 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 in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Semtech in 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.