Piper Sandler Reaffirms Overweight Rating for Semtech (NASDAQ:SMTC)

Piper Sandler reaffirmed their overweight rating on shares of Semtech (NASDAQ:SMTC - Free Report) in a report released on Tuesday morning,Benzinga reports. The firm currently has a $75.00 price objective on the semiconductor company's stock, up from their previous price objective of $60.00.

Other research analysts have also issued research reports about the company. B. Riley increased their target price on Semtech from $58.00 to $61.00 and gave the company a "buy" rating in a research report on Wednesday, August 28th. Northland Securities increased their target price on Semtech from $46.00 to $60.00 and gave the company an "outperform" rating in a research report on Tuesday. Needham & Company LLC reiterated a "buy" rating and set a $70.00 target price (up previously from $50.00) on shares of Semtech in a research report on Tuesday. Roth Mkm increased their target price on Semtech from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Monday. Finally, Stifel Nicolaus raised their price objective on Semtech from $45.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Semtech has a consensus rating of "Moderate Buy" and an average price target of $67.70.

Semtech Trading Up 16.1 %

Semtech stock traded up $8.58 during mid-day trading on Tuesday, hitting $62.02. The company had a trading volume of 5,747,190 shares, compared to its average volume of 1,825,748. Semtech has a 12-month low of $15.63 and a 12-month high of $66.64. The company's fifty day moving average is $45.83 and its 200-day moving average is $38.96. The company has a market capitalization of $4.67 billion, a price-to-earnings ratio of -4.75 and a beta of 1.54.

Semtech (NASDAQ:SMTC - Get Free Report) last released 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 business had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. During the same quarter in the prior year, the firm posted $0.02 EPS. The business's quarterly revenue was up 17.9% compared to the same quarter last year. As a group, sell-side analysts expect that Semtech will post -0.07 EPS for the current fiscal year.

Institutional Trading of Semtech

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Huntington National Bank increased its stake in shares of Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 302 shares during the last quarter. Arizona State Retirement System increased its position in shares of Semtech by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company's stock worth $540,000 after purchasing an additional 407 shares during the last quarter. Hanseatic Management Services Inc. increased its position in shares of Semtech by 3.2% during the 3rd quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company's stock worth $658,000 after purchasing an additional 447 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Semtech by 6.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company's stock worth $214,000 after purchasing an additional 461 shares during the last quarter. Finally, Creative Planning increased its position in shares of Semtech by 3.4% during the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company's stock worth $538,000 after purchasing an additional 588 shares during the last quarter.

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.