Semtech (NASDAQ:SMTC) Earns “Buy” Rating from Benchmark

Benchmark reiterated their buy rating on shares of Semtech (NASDAQ:SMTC) in a research note issued to investors on Monday morning, Marketbeat Ratings reports. The brokerage currently has a $56.00 price objective on the semiconductor company’s stock.

A number of other equities analysts have also commented on SMTC. Summit Insights lowered shares of Semtech from a buy rating to a hold rating in a research note on Wednesday, August 28th. Susquehanna upped their price target on Semtech from $45.00 to $55.00 and gave the company a positive rating in a research report on Thursday, June 6th. Roth Mkm restated a buy rating and set a $50.00 price objective on shares of Semtech in a research report on Wednesday, August 28th. Northland Securities upped their target price on Semtech from $36.50 to $46.00 and gave the company an outperform rating in a report on Thursday, June 6th. Finally, B. Riley raised their price target 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 analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Semtech has a consensus rating of Moderate Buy and a consensus target price of $52.60.

Semtech Stock Performance

Semtech stock opened at $40.70 on Monday. Semtech has a 1 year low of $13.13 and a 1 year high of $46.86. The firm’s 50 day moving average price is $35.05 and its two-hundred day moving average price is $32.86. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of -2.41 and a beta of 1.54.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SMTC. Truist Financial Corp acquired a new position in Semtech in the 2nd quarter valued at approximately $340,000. Quarry LP acquired a new stake in Semtech during the second quarter worth $63,000. Creative Planning increased its holdings in Semtech by 3.4% in the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock valued at $538,000 after buying an additional 588 shares during the period. Disciplined Growth Investors Inc. MN raised its stake in shares of Semtech by 343.3% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock valued at $74,550,000 after buying an additional 1,932,116 shares in the last quarter. Finally, Clearline Capital LP lifted its holdings in shares of Semtech by 143.1% during the 2nd quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after acquiring an additional 529,194 shares during the period.

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.