Semtech (NASDAQ:SMTC) Rating Lowered to Hold at Summit Insights

Semtech (NASDAQ:SMTC) was downgraded by analysts at Summit Insights from a “buy” rating to a “hold” rating in a report issued on Wednesday, MarketBeat Ratings reports.

SMTC has been the subject of a number of other reports. Roth Mkm lifted their target price on Semtech from $42.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Susquehanna raised their price target on Semtech from $45.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, June 6th. Piper Sandler reissued an “overweight” rating and set a $60.00 target price (up previously from $40.00) on shares of Semtech in a research report on Wednesday, May 29th. B. Riley lifted their price target on shares of Semtech from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Finally, Craig Hallum lifted their price target on Semtech from $36.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Three 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 stock has a consensus rating of “Moderate Buy” and an average price target of $48.90.

Semtech Stock Performance

SMTC stock opened at $38.16 on Wednesday. The firm has a market cap of $2.47 billion, a PE ratio of -2.26 and a beta of 1.55. Semtech has a one year low of $13.13 and a one year high of $46.86. The firm’s 50 day moving average price is $32.52 and its 200-day moving average price is $31.28.

Semtech (NASDAQ:SMTC) last announced its earnings results on Wednesday, June 5th. The semiconductor company reported ($0.17) EPS for the quarter, meeting analysts’ consensus estimates of ($0.17). The company had revenue of $206.11 million during the quarter, compared to analysts’ expectations of $200.16 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 129.52%. Equities research analysts predict that Semtech will post -0.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Semtech

Several hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Semtech by 10.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,231 shares of the semiconductor company’s stock valued at $18,913,000 after acquiring an additional 81,825 shares during the period. Vanguard Group Inc. boosted its position in shares of Semtech by 1.6% in the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after buying an additional 131,133 shares during the period. Victory Capital Management Inc. grew its stake in shares of Semtech by 81.1% in the fourth quarter. Victory Capital Management Inc. now owns 1,369,043 shares of the semiconductor company’s stock valued at $29,996,000 after buying an additional 613,274 shares in the last quarter. Contour Asset Management LLC raised its holdings in shares of Semtech by 2.6% during the 4th quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock valued at $32,072,000 after buying an additional 36,838 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Semtech by 19.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,217,670 shares of the semiconductor company’s stock valued at $26,679,000 after buying an additional 197,595 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.