Needham & Company LLC Reaffirms Buy Rating for Semtech (NASDAQ:SMTC)

Needham & Company LLC restated their buy rating on shares of Semtech (NASDAQ:SMTC) in a report released on Wednesday morning, Benzinga reports. The firm currently has a $50.00 price target on the semiconductor company’s stock.

A number of other brokerages also recently commented on SMTC. B. Riley lifted their price objective on shares of Semtech from $43.00 to $50.00 and gave the company a buy rating in a research report on Friday, May 17th. Northland Securities lifted their price target on Semtech from $36.50 to $46.00 and gave the stock an outperform rating in a report on Thursday, June 6th. Craig Hallum upped their price objective on Semtech from $36.00 to $48.00 and gave the company a buy rating in a research note on Thursday, June 6th. StockNews.com upgraded Semtech from a sell rating to a hold rating in a research note on Thursday, June 6th. Finally, Roth Mkm lifted their price objective on shares of Semtech from $42.00 to $50.00 and gave the stock a buy rating in a research report on Thursday, June 6th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $50.00.

Semtech Stock Performance

NASDAQ:SMTC opened at $43.82 on Wednesday. Semtech has a 52-week low of $13.13 and a 52-week high of $46.86. The company has a market cap of $2.83 billion, a P/E ratio of -2.59 and a beta of 1.55. The stock’s 50-day simple moving average is $33.33 and its 200 day simple moving average is $31.60.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. Semtech had a negative return on equity of 154.99% and a negative net margin of 129.52%. The firm had revenue of $215.40 million for the quarter, compared to analyst estimates of $212.30 million. During the same quarter in the previous year, the firm earned ($0.06) EPS. The business’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, equities analysts predict that Semtech will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

Hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its position in shares of Semtech by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock valued at $540,000 after acquiring an additional 407 shares during the period. Nisa Investment Advisors LLC lifted its position in Semtech by 6.9% during 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 during the period. Creative Planning grew its stake in Semtech by 3.4% during the second quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after buying an additional 588 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in Semtech by 2.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the semiconductor company’s stock valued at $971,000 after buying an additional 700 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Semtech by 4.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,482 shares of the semiconductor company’s stock valued at $463,000 after buying an additional 710 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.