Semtech (NASDAQ:SMTC) Price Target Raised to $60.00

Semtech (NASDAQ:SMTC) had its target price raised by analysts at Northland Securities from $46.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Northland Securities’ price objective would indicate a potential upside of 12.28% from the stock’s previous close.

Several other research firms have also issued reports on SMTC. Stifel Nicolaus upped 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. Benchmark reaffirmed a “buy” rating and issued a $56.00 target price on shares of Semtech in a report on Monday, October 7th. Roth Mkm lifted their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday. B. Riley upped their price objective on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Finally, Susquehanna lifted their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.70.

Semtech Stock Performance

Shares of Semtech stock opened at $53.44 on Tuesday. The firm has a market cap of $4.02 billion, a PE ratio of -3.94 and a beta of 1.54. Semtech has a 52-week low of $15.63 and a 52-week high of $53.74. The business’s 50 day simple moving average is $45.83 and its 200 day simple moving average is $38.96.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. During the same period in the previous year, the business earned $0.02 EPS. The company’s revenue was up 17.9% compared to the same quarter last year. As a group, equities research analysts predict that Semtech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Semtech

Hedge funds have recently added to or reduced their stakes in the stock. Disciplined Growth Investors Inc. MN grew its holdings in shares of Semtech by 343.3% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after purchasing an additional 1,932,116 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in Semtech during the second quarter worth about $43,395,000. Millennium Management LLC grew its stake in Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after buying an additional 765,877 shares in the last quarter. Whale Rock Capital Management LLC acquired a new stake in Semtech during the third quarter worth about $32,126,000. Finally, Clearline Capital LP increased its holdings in Semtech by 143.1% in the 2nd quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock valued at $26,863,000 after buying an additional 529,194 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.