Benchmark Reaffirms “Buy” Rating for Semtech (NASDAQ:SMTC)

Benchmark reaffirmed their buy rating on shares of Semtech (NASDAQ:SMTC) in a research report released on Monday morning, Benzinga reports. Benchmark currently has a $56.00 price target on the semiconductor company’s stock.

SMTC has been the subject of a number of other reports. B. Riley increased their target price on Semtech from $58.00 to $61.00 and gave the stock a buy rating in a report on Wednesday, August 28th. Needham & Company LLC reissued a buy rating and set a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. Roth Mkm restated a buy rating and issued a $50.00 target price on shares of Semtech in a research note on Wednesday, August 28th. Stifel Nicolaus increased their target price on shares of Semtech from $45.00 to $50.00 and gave the stock a buy rating in a research report on Wednesday, August 28th. Finally, Summit Insights lowered shares of Semtech from a buy rating to a hold rating in a research report on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $52.60.

Semtech Trading Up 3.5 %

SMTC opened at $42.57 on Monday. The stock has a market cap of $2.75 billion, a PE ratio of -2.52 and a beta of 1.54. Semtech has a 1 year low of $13.13 and a 1 year high of $49.53. The stock’s 50 day simple moving average is $39.51 and its 200-day simple moving average is $35.90.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The company had revenue of $215.40 million during the quarter, compared to analysts’ expectations of $212.30 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The business’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.06) EPS. Equities analysts forecast that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Trading of Semtech

A number of hedge funds and other institutional investors have recently modified their holdings of SMTC. Disciplined Growth Investors Inc. MN lifted its holdings in Semtech by 343.3% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after buying an additional 1,932,116 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Semtech during the second quarter valued at $43,395,000. Millennium Management LLC lifted its stake in shares of Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after acquiring an additional 765,877 shares during the period. Clearline Capital LP increased its position in Semtech by 143.1% in the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after purchasing an additional 529,194 shares during the period. Finally, Fred Alger Management LLC bought a new stake in Semtech during the 2nd quarter worth about $14,307,000.

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.