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

Semtech (NASDAQ:SMTC) had its target price lifted by investment analysts at Stifel Nicolaus from $65.00 to $75.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 12.17% from the stock’s previous close.

SMTC has been the subject of a number of other reports. Susquehanna boosted their price target on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Benchmark upped their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and set a $75.00 price target (up previously from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. B. Riley raised their target price on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC increased their price target on shares of Semtech from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.70.

Semtech Stock Up 1.1 %

Semtech stock traded up $0.73 during midday trading on Monday, reaching $66.86. The company’s stock had a trading volume of 187,821 shares, compared to its average volume of 971,395. The business has a 50-day simple moving average of $57.49 and a 200-day simple moving average of $44.62. The company has a market cap of $5.06 billion, a P/E ratio of -5.12 and a beta of 1.65. Semtech has a fifty-two week low of $18.16 and a fifty-two week high of $70.27.

Semtech (NASDAQ:SMTC) last posted its earnings results 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 firm 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 firm’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.02 earnings per share. As a group, equities analysts forecast that Semtech will post -0.01 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the transaction, the senior vice president now directly owns 6,317 shares in the company, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the sale, the chief financial officer now owns 3,531 shares in the company, valued at $232,127.94. The trade was a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,419 shares of company stock worth $676,955 in the last quarter. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Semtech

A number of hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its stake in Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after purchasing an additional 765,877 shares in the last quarter. Disciplined Growth Investors Inc. MN boosted its stake in shares of Semtech by 4.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock valued at $119,172,000 after buying an additional 114,999 shares during the period. Geode Capital Management LLC grew its holdings in shares of Semtech by 8.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock valued at $73,883,000 after acquiring an additional 119,572 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Semtech during the second quarter worth $43,395,000. Finally, Charles Schwab Investment Management Inc. increased its position in Semtech by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock worth $48,303,000 after purchasing an additional 100,410 shares during the last quarter.

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.