B. Riley Issues Positive Forecast for Semtech (NASDAQ:SMTC) Stock Price

Semtech (NASDAQ:SMTC) had its target price upped by equities researchers at B. Riley from $61.00 to $85.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. B. Riley’s price target points to a potential upside of 30.45% from the stock’s previous close.

A number of other research firms have also recently issued reports on SMTC. Susquehanna lifted their target price on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Stifel Nicolaus lifted their price target on shares of Semtech from $58.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Semtech in a research note on Tuesday. Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Finally, Craig Hallum boosted their target price on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.70.

Semtech Trading Up 21.9 %

Semtech stock traded up $11.72 during trading hours on Tuesday, reaching $65.16. 4,054,930 shares of the stock were exchanged, compared to its average volume of 1,817,269. The stock has a 50 day moving average of $45.83 and a two-hundred day moving average of $38.96. The company has a market cap of $4.90 billion, a P/E ratio of -4.75 and a beta of 1.54. Semtech has a twelve month low of $15.63 and a twelve month high of $66.64.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The business 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 107.21% and a negative return on equity of 154.99%. The company’s revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 earnings per share. On average, analysts expect that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Trading of Semtech

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

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.