Semtech’s (SMTC) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Semtech (NASDAQ:SMTC) in a report issued on Tuesday,Benzinga reports. They currently have a $75.00 price target on the semiconductor company’s stock, up from their previous price target of $60.00.

Several other research firms have also recently commented on SMTC. Benchmark reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research report on Monday, October 7th. Northland Securities upped their price objective on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday. Summit Insights downgraded Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Needham & Company LLC restated a “buy” rating and issued a $70.00 target price (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Finally, Craig Hallum raised their price target on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Semtech currently has an average rating of “Moderate Buy” and an average price target of $67.70.

Semtech Trading Down 0.2 %

Shares of Semtech stock opened at $64.04 on Tuesday. Semtech has a 12 month low of $15.63 and a 12 month high of $66.64. The company has a market capitalization of $4.82 billion, a PE ratio of -4.83 and a beta of 1.54. The stock’s fifty day simple moving average is $47.00 and its 200 day simple moving average is $39.47.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million for 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%. Semtech’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. Analysts predict that Semtech will post -0.07 EPS for the current fiscal year.

Institutional Trading of Semtech

A number of hedge funds have recently made changes to their positions in SMTC. Huntington National Bank raised its stake in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the period. Arizona State Retirement System increased its holdings 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 valued at $540,000 after purchasing an additional 407 shares during the last quarter. Hanseatic Management Services Inc. raised 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 valued at $658,000 after purchasing an additional 447 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Semtech by 6.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock worth $214,000 after buying an additional 461 shares during the last quarter. Finally, Creative Planning boosted 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 worth $538,000 after buying an additional 588 shares during the period.

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.