Semtech (NASDAQ:SMTC) Earns Overweight Rating from Piper Sandler

Semtech (NASDAQ:SMTC)‘s stock had its “overweight” rating reaffirmed by Piper Sandler in a report released on Tuesday,Benzinga reports. They currently have a $75.00 target price on the semiconductor company’s stock, up from their prior target price of $60.00. Piper Sandler’s price target suggests a potential upside of 16.82% from the company’s previous close.

SMTC has been the subject of several other research reports. Benchmark restated a “buy” rating and set a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Craig Hallum lifted their price objective on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Stifel Nicolaus increased their target price 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. Finally, Northland Securities upped 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. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Semtech has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Price Performance

SMTC opened at $64.20 on Tuesday. Semtech has a fifty-two week low of $15.63 and a fifty-two week high of $66.64. The company has a market capitalization of $4.83 billion, a P/E ratio of -4.86 and a beta of 1.54. The firm’s fifty day moving average price is $46.24 and its two-hundred day moving average price is $39.12.

Semtech (NASDAQ:SMTC) last issued its earnings results 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. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The business 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 firm’s revenue was up 17.9% on a year-over-year basis. On average, 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 and other institutional investors have recently modified their holdings of SMTC. Geode Capital Management LLC lifted its holdings in Semtech by 8.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock worth $73,883,000 after buying an additional 119,572 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in shares of 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 valued at $119,172,000 after acquiring an additional 114,999 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Semtech in the third quarter valued at about $763,000. Wellington Management Group LLP bought a new position in Semtech in the third quarter valued at about $10,556,000. Finally, Whale Rock Capital Management LLC acquired a new stake in Semtech in the third quarter worth about $32,126,000.

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.