Semtech (NASDAQ:SMTC) Price Target Raised to $60.00

Semtech (NASDAQ:SMTC) had its target price hoisted by research analysts at Roth Mkm from $50.00 to $60.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Roth Mkm’s target price would suggest a potential upside of 13.53% from the stock’s current price.

Several other equities analysts have also weighed in on the company. Stifel Nicolaus raised their target price on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Susquehanna boosted their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Semtech in a research report 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. Finally, B. Riley upped their price objective on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Semtech currently has an average rating of “Moderate Buy” and a consensus target price of $54.10.

Semtech Stock Performance

Shares of NASDAQ:SMTC traded up $1.96 during midday trading on Monday, hitting $52.85. 1,075,585 shares of the stock were exchanged, compared to its average volume of 1,796,913. The company has a market capitalization of $3.98 billion, a PE ratio of -3.90 and a beta of 1.54. Semtech has a 52-week low of $15.63 and a 52-week high of $53.53. The business’s fifty day simple moving average is $45.56 and its two-hundred day simple moving average is $38.86.

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

Institutional Investors Weigh In On Semtech

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of 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 period. Assenagon Asset Management S.A. bought a new position in Semtech in the second quarter worth $13,239,000. Harbor Capital Advisors Inc. increased its holdings in Semtech by 135.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock valued at $1,943,000 after buying an additional 24,517 shares during the period. SG Capital Management LLC acquired a new position in shares of Semtech in the 1st quarter valued at $7,084,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Semtech during the 2nd quarter worth approximately $14,307,000.

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.