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

Piper Sandler reissued their overweight rating on shares of Semtech (NASDAQ:SMTC) in a report issued on Tuesday morning,Benzinga reports. They currently have a $75.00 price objective on the semiconductor company’s stock, up from their prior price objective of $60.00.

A number of other equities analysts have also issued reports on SMTC. Craig Hallum increased their price objective on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Benchmark restated a “buy” rating and set a $56.00 price objective on shares of Semtech in a research note on Monday, October 7th. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 target price (up previously from $50.00) on shares of Semtech in a research report on Tuesday. Finally, B. Riley boosted their price target on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Semtech has a consensus rating of “Moderate Buy” and an average price target of $67.70.

Semtech Price Performance

Shares of SMTC opened at $63.11 on Tuesday. Semtech has a 12-month low of $15.63 and a 12-month high of $66.64. The business’s fifty day moving average price is $45.83 and its 200 day moving average price is $38.96. The stock has a market capitalization of $4.75 billion, a PE ratio of -4.66 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. During the same period in the prior year, the firm earned $0.02 EPS. The business’s quarterly revenue was up 17.9% on a year-over-year basis. As a group, research analysts anticipate that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Semtech

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Semtech by 1.6% during the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after purchasing an additional 131,133 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Semtech by 5.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 77,580 shares of the semiconductor company’s stock worth $2,134,000 after buying an additional 4,347 shares during the period. SG Capital Management LLC purchased a new position in shares of Semtech in the first quarter worth approximately $7,084,000. Harbor Capital Advisors Inc. increased its position in shares of Semtech by 23.0% in the second quarter. Harbor Capital Advisors Inc. now owns 18,043 shares of the semiconductor company’s stock worth $539,000 after acquiring an additional 3,370 shares in the last quarter. Finally, CWM LLC lifted its position in shares of Semtech by 134.6% in the 2nd quarter. CWM LLC now owns 2,412 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 1,384 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.