Semtech (NASDAQ:SMTC) Price Target Raised to $75.00

Semtech (NASDAQ:SMTC) had its target price upped by Stifel Nicolaus from $65.00 to $75.00 in a research note released on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts also recently issued reports on SMTC. Roth Mkm boosted their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Northland Securities upped their price target on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective (up from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Susquehanna boosted their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Finally, Benchmark lifted their target price on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.70.

Semtech Stock Up 3.8 %

Shares of Semtech stock opened at $67.60 on Monday. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of -5.18 and a beta of 1.65. Semtech has a twelve month low of $18.16 and a twelve month high of $70.27. The company’s fifty day moving average is $58.70 and its 200 day moving average is $45.29.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.02 earnings per share. As a group, equities analysts anticipate that Semtech will post -0.01 earnings per share for the current fiscal year.

Insider Activity

In other Semtech news, SVP Imran Sherazi sold 2,946 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares in the company, valued at $399,866.10. This trade represents a 31.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the transaction, the chief financial officer now directly owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. This represents a 63.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,419 shares of company stock valued at $676,955 in the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC increased its stake in Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after acquiring an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its position in shares of Semtech by 4.6% in 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 last quarter. Geode Capital Management LLC lifted its position in Semtech by 8.0% during the third quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock valued at $73,883,000 after purchasing an additional 119,572 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in Semtech in the 2nd quarter worth approximately $43,395,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Semtech by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock worth $48,303,000 after buying an additional 100,410 shares during 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.