Semtech (NASDAQ:SMTC) Price Target Raised to $82.00 at Benchmark

Semtech (NASDAQ:SMTC) had its price target lifted by Benchmark from $56.00 to $82.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

SMTC has been the subject of several other research reports. Stifel Nicolaus lifted their price target on Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday. B. Riley lifted their target price on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Mkm increased their price target on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Summit Insights downgraded Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $70.00 target price (up previously from $50.00) on shares of Semtech in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Semtech has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Stock Up 18.1 %

Shares of NASDAQ SMTC opened at $63.11 on Tuesday. The stock has a market capitalization of $4.75 billion, a price-to-earnings ratio of -4.66 and a beta of 1.54. Semtech has a 52 week low of $15.63 and a 52 week high of $66.64. The firm has a 50-day moving average price of $45.83 and a 200 day moving average price of $38.96.

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

Institutional Trading of Semtech

A number of hedge funds have recently added to or reduced their stakes in SMTC. Vanguard Group Inc. lifted its holdings in shares of Semtech by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after acquiring an additional 131,133 shares during the period. Millennium Management LLC increased its position 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 purchasing an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its stake in Semtech by 4.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after purchasing an additional 114,999 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Semtech by 8.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock valued at $73,883,000 after purchasing an additional 119,572 shares during the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in shares of Semtech during the 2nd quarter valued at $43,395,000.

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.