Semtech (NASDAQ:SMTC) Shares Up 6% Following Analyst Upgrade

Semtech Co. (NASDAQ:SMTC) shot up 6% on Friday after Needham & Company LLC raised their price target on the stock from $70.00 to $74.00. Needham & Company LLC currently has a buy rating on the stock. Semtech traded as high as $68.64 and last traded at $68.39. 97,851 shares traded hands during trading, a decline of 95% from the average session volume of 1,867,122 shares. The stock had previously closed at $64.54.

A number of other analysts also recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Benchmark raised their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price target (up from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Susquehanna increased their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Finally, Northland Securities boosted their price objective on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday. Three 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $68.70.

Institutional Investors Weigh In On Semtech

Several hedge funds and other institutional investors have recently bought and sold shares of SMTC. CWM LLC raised its holdings in Semtech by 134.6% during the 2nd quarter. CWM LLC now owns 2,412 shares of the semiconductor company’s stock worth $72,000 after buying an additional 1,384 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Semtech during the 2nd quarter worth $13,239,000. Nisa Investment Advisors LLC boosted its holdings in Semtech by 6.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock worth $214,000 after purchasing an additional 461 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Semtech in the second quarter worth about $807,000. Finally, Louisiana State Employees Retirement System increased its holdings in shares of Semtech by 2.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the semiconductor company’s stock valued at $971,000 after acquiring an additional 700 shares during the last quarter.

Semtech Trading Up 0.9 %

The stock has a market capitalization of $4.93 billion, a price-to-earnings ratio of -4.99 and a beta of 1.65. The company has a fifty day moving average of $51.48 and a two-hundred day moving average of $41.40.

Semtech (NASDAQ:SMTC) last posted 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 business 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 firm earned $0.02 EPS. As a group, sell-side analysts predict that Semtech Co. will post -0.01 earnings per share for the current fiscal year.

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.