Semtech (NASDAQ:SMTC) Price Target Raised to $70.00

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

A number of other equities analysts have also recently issued reports on the stock. B. Riley increased their price objective on shares of Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Needham & Company LLC restated a “buy” rating and set a $70.00 price target (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Benchmark reiterated a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research note on Monday, October 7th. Susquehanna raised their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Finally, Stifel Nicolaus upped their price target on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Stock Up 1.7 %

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

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. Semtech’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 EPS. On average, equities research analysts anticipate that Semtech will post -0.07 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMTC. Huntington National Bank raised its position in shares of Semtech by 105.2% during 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 during the last quarter. NBC Securities Inc. increased its position in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the period. Ridgewood Investments LLC bought a new stake in Semtech during the 2nd quarter worth about $44,000. International Assets Investment Management LLC lifted its position in 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 purchasing an additional 1,652 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in shares of Semtech in the 2nd quarter valued at about $60,000.

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.