Stifel Nicolaus Forecasts Strong Price Appreciation for Semtech (NASDAQ:SMTC) Stock

Semtech (NASDAQ:SMTC) had its price target raised by Stifel Nicolaus from $58.00 to $65.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other research firms have also recently issued reports on SMTC. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Craig Hallum raised their target price on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 target price (up from $60.00) on shares of Semtech in a research note on Tuesday. Needham & Company LLC reissued 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. Finally, Susquehanna lifted their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Price Performance

Shares of Semtech stock opened at $64.04 on Tuesday. Semtech has a 1 year low of $15.63 and a 1 year high of $66.64. The business has a 50 day moving average price of $47.00 and a 200 day moving average price of $39.47. The company has a market capitalization of $4.82 billion, a P/E ratio of -4.83 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 earnings per share. As a group, research analysts expect that Semtech will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Semtech

Several hedge funds and other institutional investors have recently modified their holdings of SMTC. Huntington National Bank raised its holdings 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 period. Arizona State Retirement System increased its position in shares of Semtech by 2.3% in the second quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock worth $540,000 after acquiring an additional 407 shares in the last quarter. Hanseatic Management Services Inc. increased its position in shares of Semtech by 3.2% in the third quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock worth $658,000 after acquiring an additional 447 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Semtech by 6.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock valued at $214,000 after acquiring an additional 461 shares during the period. Finally, Creative Planning lifted its holdings in shares of Semtech by 3.4% during the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock valued at $538,000 after acquiring an additional 588 shares in the last quarter.

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.