Semtech’s (SMTC) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Semtech (NASDAQ:SMTC) in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a $50.00 target price on the semiconductor company’s stock.

A number of other brokerages have also recently commented on SMTC. B. Riley upped their price target on shares of Semtech from $43.00 to $50.00 and gave the company a buy rating in a research note on Friday, May 17th. Roth Mkm boosted their price objective on Semtech from $42.00 to $50.00 and gave the company a buy rating in a research note on Thursday, June 6th. Craig Hallum raised their target price on Semtech from $36.00 to $48.00 and gave the stock a buy rating in a research note on Thursday, June 6th. StockNews.com upgraded Semtech from a sell rating to a hold rating in a research report on Thursday, June 6th. Finally, Susquehanna raised their price objective on shares of Semtech from $45.00 to $55.00 and gave the company a positive rating in a research report on Thursday, June 6th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $50.00.

Semtech Trading Up 0.7 %

Shares of Semtech stock opened at $43.82 on Wednesday. The firm has a market capitalization of $2.83 billion, a P/E ratio of -2.59 and a beta of 1.55. The business’s fifty day simple moving average is $33.33 and its 200 day simple moving average is $31.69. Semtech has a 12 month low of $13.13 and a 12 month high of $46.86.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Semtech had a negative net margin of 129.52% and a negative return on equity of 154.99%. The company had revenue of $215.40 million for the quarter, compared to analysts’ expectations of $212.30 million. During the same quarter in the previous year, the firm posted ($0.06) EPS. Semtech’s revenue was down 9.6% on a year-over-year basis. Analysts predict that Semtech will post -0.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Semtech

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Semtech by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock valued at $232,522,000 after buying an additional 131,133 shares during the period. Millennium Management LLC boosted its holdings 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 worth $108,956,000 after purchasing an additional 765,877 shares during the period. Disciplined Growth Investors Inc. MN grew its stake in shares of Semtech by 343.3% in the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after purchasing an additional 1,932,116 shares during the last quarter. Kodai Capital Management LP increased its holdings in Semtech by 2.7% during the 1st quarter. Kodai Capital Management LP now owns 2,039,837 shares of the semiconductor company’s stock valued at $56,075,000 after purchasing an additional 54,267 shares during the period. Finally, Contour Asset Management LLC lifted its holdings in Semtech by 2.6% in the 4th quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock worth $32,072,000 after buying an additional 36,838 shares during the period.

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.