Semtech (NASDAQ:SMTC) Receives Buy Rating from Needham & Company LLC

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. They presently have a $70.00 price objective on the semiconductor company’s stock, up from their previous price objective of $50.00. Needham & Company LLC’s target price indicates a potential upside of 30.99% from the stock’s current price.

Several other research analysts also recently commented on the company. Susquehanna raised their price objective on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. B. Riley raised their target price 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. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Roth Mkm increased their price objective on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Northland Securities lifted their target price on shares of Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and an average target price of $59.70.

Semtech Trading Up 5.0 %

Shares of SMTC stock opened at $53.44 on Tuesday. Semtech has a 12 month low of $15.63 and a 12 month high of $53.74. The stock has a market cap of $4.02 billion, a P/E ratio of -3.94 and a beta of 1.54. The company has a 50 day simple moving average of $45.83 and a two-hundred day simple moving average of $38.96.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same period in the prior year, the business posted $0.02 EPS. Semtech’s revenue was up 17.9% on a year-over-year basis. As a group, equities analysts forecast that Semtech will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in 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 during the last quarter. CANADA LIFE ASSURANCE Co increased its position in 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 purchasing an additional 4,347 shares during the last quarter. SG Capital Management LLC purchased a new stake in Semtech during the first quarter valued at $7,084,000. Harbor Capital Advisors Inc. lifted its position in Semtech by 23.0% during the second quarter. Harbor Capital Advisors Inc. now owns 18,043 shares of the semiconductor company’s stock valued at $539,000 after purchasing an additional 3,370 shares during the last quarter. Finally, CWM LLC grew its stake in shares of Semtech by 134.6% in the 2nd quarter. CWM LLC now owns 2,412 shares of the semiconductor company’s stock worth $72,000 after buying an additional 1,384 shares in the last quarter.

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.