Needham & Company LLC Reiterates “Buy” Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $70.00 price objective on the semiconductor company’s stock, up from their previous price objective of $50.00. Needham & Company LLC’s price objective suggests a potential upside of 9.03% from the company’s previous close.

A number of other research firms also recently issued reports on SMTC. Northland Securities lifted their price target on Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday. Benchmark restated a “buy” rating and issued a $56.00 target price on shares of Semtech in a report on Monday, October 7th. Summit Insights downgraded Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. B. Riley increased their price target on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Roth Mkm lifted their price objective on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Semtech has an average rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Stock Performance

Shares of Semtech stock opened at $64.20 on Tuesday. Semtech has a 52 week low of $15.63 and a 52 week high of $66.64. The stock has a 50 day moving average price of $46.24 and a two-hundred day moving average price of $39.12. The stock has a market capitalization of $4.83 billion, a PE ratio of -4.86 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million during 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%. Semtech’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. Research analysts forecast that Semtech will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake 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 lifted its holdings in Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after purchasing an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its position 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 increased its stake in shares of Semtech by 8.0% in the third quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock worth $73,883,000 after purchasing an additional 119,572 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in shares of Semtech during the 2nd quarter valued at approximately $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.