B. Riley Increases Semtech (NASDAQ:SMTC) Price Target to $85.00

Semtech (NASDAQ:SMTC) had its price objective raised by research analysts at B. Riley from $61.00 to $85.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. B. Riley’s price objective would suggest a potential upside of 32.40% from the company’s current price.

A number of other equities research analysts have also recently issued reports on SMTC. Craig Hallum upped their target price on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Susquehanna lifted their price objective on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Northland Securities raised their price objective on shares of Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $70.00 price objective (up previously from $50.00) on shares of Semtech in a report on Tuesday. Finally, Stifel Nicolaus lifted their target price on Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Semtech has an average rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Stock Up 1.7 %

Semtech stock opened at $64.20 on Tuesday. Semtech has a 12 month low of $15.63 and a 12 month high of $66.64. The stock has a market cap of $4.83 billion, a P/E ratio of -4.86 and a beta of 1.54. The company’s fifty day simple moving average is $46.24 and its 200-day simple moving average is $39.12.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative net margin of 99.08% 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 quarter last year, the firm earned $0.02 earnings per share. On average, equities research analysts expect that Semtech will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMTC. Huntington National Bank raised its stake in shares of Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in Semtech during the 2nd quarter valued at $44,000. Canada Pension Plan Investment Board bought a new position in Semtech in the 2nd quarter valued at $60,000. NBC Securities Inc. boosted its stake in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Semtech during the second quarter worth $63,000.

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.