Semtech (NASDAQ:SMTC) Given New $60.00 Price Target at Susquehanna

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

A number of other brokerages have also issued reports on SMTC. Benchmark reaffirmed a “buy” rating and issued a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. B. Riley raised their price objective on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Needham & Company LLC restated a “buy” rating and issued a $50.00 target price on shares of Semtech in a research note on Wednesday, August 28th. Finally, Roth Mkm reiterated a “buy” rating and issued a $50.00 price target on shares of Semtech in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.10.

Semtech Trading Up 3.8 %

Shares of SMTC stock opened at $51.03 on Thursday. The firm has a fifty day simple moving average of $45.37 and a 200-day simple moving average of $38.80. The company has a market capitalization of $3.84 billion, a PE ratio of -3.77 and a beta of 1.54. Semtech has a twelve month low of $15.14 and a twelve month high of $53.22.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank lifted its stake in Semtech by 105.2% in the third 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. Ridgewood Investments LLC acquired a new stake in shares of Semtech in the 2nd quarter worth about $44,000. Canada Pension Plan Investment Board bought a new stake in Semtech in the 2nd quarter valued at about $60,000. NBC Securities Inc. boosted its stake in Semtech by 115.8% during 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 period. Finally, Quarry LP bought a new position in Semtech in the 2nd quarter worth about $63,000.

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.