Semtech (NASDAQ:SMTC) Price Target Increased to $61.00 by Analysts at B. Riley

Semtech (NASDAQ:SMTC) had its price objective raised by B. Riley from $58.00 to $61.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other research firms have also recently commented on SMTC. Craig Hallum increased their price target on Semtech from $36.00 to $48.00 and gave the company a buy rating in a research note on Thursday, June 6th. Roth Mkm lifted their target price on shares of Semtech from $42.00 to $50.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Piper Sandler restated an overweight rating and set a $60.00 price target (up previously from $40.00) on shares of Semtech in a research note on Wednesday, May 29th. Northland Securities raised their price target on shares of Semtech from $36.50 to $46.00 and gave the stock an outperform rating in a report on Thursday, June 6th. Finally, Stifel Nicolaus boosted their price objective on shares of Semtech from $43.00 to $50.00 and gave the company a buy rating in a report on Thursday, June 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $50.00.

Semtech Stock Up 0.7 %

Shares of Semtech stock opened at $43.82 on Wednesday. The company has a market cap of $2.83 billion, a P/E ratio of -2.59 and a beta of 1.55. The firm’s 50 day moving average price is $33.33 and its 200-day moving average price is $31.69. Semtech has a 52-week low of $13.13 and a 52-week high of $46.86.

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

Hedge Funds Weigh In On Semtech

A number of institutional investors have recently modified their holdings of SMTC. Arizona State Retirement System grew its stake 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 worth $540,000 after purchasing an additional 407 shares during the period. Nisa Investment Advisors LLC boosted its holdings 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 buying an additional 461 shares in the last quarter. Creative Planning grew its position in Semtech by 3.4% during the second quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock valued at $538,000 after buying an additional 588 shares during the period. Louisiana State Employees Retirement System increased its holdings in Semtech by 2.2% in the second 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 in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Semtech by 4.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,482 shares of the semiconductor company’s stock worth $463,000 after acquiring an additional 710 shares during the period.

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.