Semtech (NASDAQ:SMTC) Price Target Raised to $70.00

Semtech (NASDAQ:SMTC) had its price objective boosted by Craig Hallum from $48.00 to $70.00 in a research note issued to investors on Tuesday, Marketbeat reports. Craig Hallum currently has a buy rating on the semiconductor company’s stock.

A number of other analysts have also issued reports on the stock. Stifel Nicolaus increased their price target on shares of Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Needham & Company LLC reissued 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 upped their price target on shares of Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday. B. Riley lifted their price objective on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Benchmark reaffirmed a “buy” rating and issued a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Three investment 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, the company has a consensus rating of “Moderate Buy” and an average price target of $67.70.

Semtech Stock Performance

Semtech stock opened at $64.20 on Tuesday. The company has a 50 day moving average price of $46.64 and a 200 day moving average price of $39.30. Semtech has a 52 week low of $15.63 and a 52 week high of $66.64. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of -4.74 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, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 earnings per share. Equities analysts forecast that Semtech will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

A number of institutional investors have recently modified their holdings of SMTC. Huntington National Bank grew 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 buying an additional 302 shares during the last quarter. Ridgewood Investments LLC bought a new stake in Semtech during the second quarter valued at about $44,000. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech in the second quarter valued at about $60,000. NBC Securities Inc. increased its stake in shares of Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the period. Finally, Quarry LP acquired a new position in shares of Semtech during the 2nd quarter worth about $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.