Semtech’s (SMTC) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Semtech (NASDAQ:SMTC) in a research report report published on Tuesday, Marketbeat.com reports. Needham & Company LLC currently has a $70.00 target price on the semiconductor company’s stock, up from their previous target price of $50.00.

Several other equities research analysts have also weighed in on the company. Roth Mkm raised their target price on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday. Stifel Nicolaus raised their price objective on shares of Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Northland Securities upped their target price on shares of Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, B. Riley upped their price objective on shares of Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Stock Up 1.7 %

NASDAQ SMTC opened at $64.20 on Tuesday. 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 of $46.64 and a two-hundred day moving average of $39.30. The stock has a market capitalization of $4.83 billion, a PE ratio of -4.74 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. The company’s revenue was up 17.9% compared to the same quarter last year. On average, equities research analysts expect that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SMTC. Huntington National Bank lifted its holdings in shares of Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 302 shares during the period. Arizona State Retirement System lifted its stake in shares of Semtech by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock worth $540,000 after acquiring an additional 407 shares during the period. Hanseatic Management Services Inc. lifted its stake in shares of Semtech by 3.2% in the 3rd quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock worth $658,000 after acquiring an additional 447 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Semtech by 6.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock valued at $214,000 after acquiring an additional 461 shares in the last quarter. Finally, Creative Planning raised its holdings in Semtech by 3.4% during the second quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after purchasing an additional 588 shares in the last quarter.

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.