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

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

Several other research firms also recently weighed in on SMTC. 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 note on Wednesday, August 28th. Roth Mkm increased their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Susquehanna boosted their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Finally, Benchmark restated a “buy” rating and issued a $56.00 target price on shares of Semtech in a report on Monday, October 7th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Trading Up 18.1 %

Shares of Semtech stock opened at $63.11 on Tuesday. The firm has a market capitalization of $4.75 billion, a PE ratio of -4.66 and a beta of 1.54. Semtech has a 12 month low of $15.63 and a 12 month high of $66.64. The business’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 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 for the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period last year, the business earned $0.02 earnings per share. As a group, analysts predict that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Trading of Semtech

Several large investors have recently added to or reduced their stakes in SMTC. Huntington National Bank raised its holdings in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 302 shares in the last quarter. Ridgewood Investments LLC bought a new position in Semtech in the second quarter worth about $44,000. Canada Pension Plan Investment Board purchased a new stake in Semtech in the second quarter worth about $60,000. NBC Securities Inc. boosted its position in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 739 shares in the last quarter. Finally, Quarry LP bought a new stake in Semtech during the 2nd quarter valued at approximately $63,000.

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.