Semtech (NASDAQ:SMTC) Receives Overweight Rating from Piper Sandler

Semtech (NASDAQ:SMTC)‘s stock had its “overweight” rating restated by research analysts at Piper Sandler in a research report issued on Tuesday,Benzinga reports. They currently have a $75.00 price objective on the semiconductor company’s stock, up from their previous price objective of $60.00. Piper Sandler’s price objective suggests a potential upside of 40.34% from the stock’s current price.

Other analysts have also recently issued reports about the company. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Benchmark reiterated a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research report on Monday, October 7th. Roth Mkm upped their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus raised their price target on Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Finally, Craig Hallum boosted their price objective on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.20.

Semtech Stock Performance

Shares of SMTC stock opened at $53.44 on Tuesday. The company has a market capitalization of $4.02 billion, a P/E ratio of -3.94 and a beta of 1.54. Semtech has a fifty-two week low of $15.63 and a fifty-two week high of $53.74. The stock has a 50 day moving average price of $45.83 and a two-hundred day moving average price of $38.96.

Semtech (NASDAQ:SMTC) last posted 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. The company had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.02 EPS. As a group, equities analysts predict that Semtech will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SMTC. Huntington National Bank grew its holdings 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 purchasing an additional 302 shares during the period. Ridgewood Investments LLC bought a new stake in shares of Semtech in the 2nd quarter worth approximately $44,000. Canada Pension Plan Investment Board purchased a new stake in shares of Semtech in the 2nd quarter worth approximately $60,000. NBC Securities Inc. increased its position 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 buying an additional 739 shares in the last quarter. Finally, Quarry LP purchased a new position in Semtech during the second quarter valued at $63,000.

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.