Semtech (NASDAQ:SMTC) Receives “Overweight” Rating from Piper Sandler

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

A number of other analysts have also recently weighed in on SMTC. Needham & Company LLC reaffirmed a “buy” rating and set a $70.00 target price (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Northland Securities boosted their price objective on shares of Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday. Roth Mkm raised their target price on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Craig Hallum increased their price target on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, B. Riley upped their target price on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Three 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, the stock has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Stock Down 0.2 %

Shares of NASDAQ:SMTC 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’s 50 day moving average price is $47.00 and its two-hundred day moving average price is $39.47. The firm has a market cap of $4.82 billion, a PE ratio of -4.83 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last issued 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 the consensus estimate of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.02 EPS. On average, research analysts expect that Semtech will post -0.07 EPS for the current year.

Institutional Trading of Semtech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Huntington National Bank boosted its holdings in Semtech by 105.2% in 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 in the last quarter. Ridgewood Investments LLC bought a new position in shares of Semtech in the 2nd quarter worth $44,000. Canada Pension Plan Investment Board acquired a new stake in Semtech in the 2nd quarter valued at $60,000. NBC Securities Inc. increased its stake in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 739 shares in the last quarter. Finally, Quarry LP acquired a new position in Semtech during the second quarter worth $63,000.

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.