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

Semtech (NASDAQ:SMTC) had its price objective raised 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.

Several other equities research analysts also recently weighed in on the company. Northland Securities upped their target price on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday. Roth Mkm upped their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus lifted their price objective on shares of Semtech from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday. Craig Hallum upped their target price on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, B. Riley lifted their price target on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.70.

Semtech Stock Performance

NASDAQ SMTC opened at $63.11 on Tuesday. The firm 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 one year low of $15.63 and a one year high of $66.64. The company’s 50 day moving average price is $45.83 and its 200 day moving average price is $38.96.

Semtech (NASDAQ:SMTC) last issued its 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. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. During the same quarter last year, the firm posted $0.02 EPS. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. Sell-side analysts forecast that Semtech will post -0.07 EPS for the current fiscal year.

Institutional Trading of Semtech

Several hedge funds and other institutional investors have recently bought and sold shares of SMTC. Vanguard Group Inc. grew its position in shares of Semtech by 1.6% in 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 in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Semtech during the 2nd quarter valued at approximately $13,239,000. Harbor Capital Advisors Inc. lifted its stake in Semtech by 135.9% during the third quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock worth $1,943,000 after purchasing an additional 24,517 shares during the last quarter. SG Capital Management LLC acquired a new position in Semtech in the first quarter worth $7,084,000. Finally, Fred Alger Management LLC bought a new stake in Semtech during the second quarter valued at $14,307,000.

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.