Benchmark Reiterates “Buy” Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a report issued on Monday, Benzinga reports. They presently have a $56.00 price objective on the semiconductor company’s stock. Benchmark’s price objective would indicate a potential upside of 31.98% from the stock’s current price.

A number of other research firms have also recently weighed in on SMTC. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Semtech in a research note on Wednesday, August 28th. B. Riley raised their target price on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Roth Mkm restated a “buy” rating and set a $50.00 price objective on shares of Semtech in a research report on Wednesday, August 28th. Finally, Stifel Nicolaus boosted their price objective on Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $52.60.

Semtech Trading Down 2.1 %

NASDAQ:SMTC opened at $42.43 on Monday. The stock has a market capitalization of $2.74 billion, a PE ratio of -2.51 and a beta of 1.54. Semtech has a 1-year low of $13.13 and a 1-year high of $49.53. The firm has a fifty day simple moving average of $39.09 and a 200 day simple moving average of $35.81.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The company had revenue of $215.40 million during the quarter, compared to the consensus estimate of $212.30 million. During the same quarter last year, the firm posted ($0.06) EPS. The company’s quarterly revenue was down 9.6% on a year-over-year basis. On average, equities analysts predict that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Semtech by 1.6% during the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after buying an additional 131,133 shares in the last quarter. Millennium Management LLC boosted its position in shares of Semtech by 26.6% during the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after acquiring an additional 765,877 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its stake in Semtech by 343.3% in the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock valued at $74,550,000 after acquiring an additional 1,932,116 shares during the last quarter. Kodai Capital Management LP raised its position in Semtech by 2.7% during the first quarter. Kodai Capital Management LP now owns 2,039,837 shares of the semiconductor company’s stock valued at $56,075,000 after purchasing an additional 54,267 shares in the last quarter. Finally, Contour Asset Management LLC lifted its stake in Semtech by 2.6% during the fourth quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock worth $32,072,000 after purchasing an additional 36,838 shares during the last quarter.

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.