Semtech (NASDAQ:SMTC) Shares Up 6% on Analyst Upgrade

Shares of Semtech Co. (NASDAQ:SMTC - Get Free Report) rose 6% during trading on Friday after Needham & Company LLC raised their price target on the stock from $70.00 to $74.00. Needham & Company LLC currently has a buy rating on the stock. Semtech traded as high as $68.64 and last traded at $68.39. Approximately 97,851 shares changed hands during trading, a decline of 95% from the average daily volume of 1,867,122 shares. The stock had previously closed at $64.54.

A number of other equities research analysts have also recently weighed in on SMTC. Piper Sandler restated an "overweight" rating and issued a $75.00 price target (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Stifel Nicolaus boosted their target price on Semtech from $58.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Northland Securities upped their target price on Semtech from $60.00 to $66.00 and gave the company an "outperform" rating in a report on Tuesday. Roth Mkm lifted their price target on Semtech from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Finally, Craig Hallum increased their price objective on shares of Semtech from $48.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $68.70.

Institutional Trading of Semtech

A number of hedge funds have recently bought and sold shares of the company. Huntington National Bank increased its stake in shares of Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 302 shares during the last quarter. NBC Securities Inc. increased its position in Semtech by 115.8% during the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company's stock worth $62,000 after purchasing an additional 739 shares during the last quarter. Ridgewood Investments LLC purchased a new position in Semtech during the second quarter worth approximately $44,000. International Assets Investment Management LLC raised its stake in Semtech by 4,464.9% during the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company's stock worth $77,000 after purchasing an additional 1,652 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Semtech during the 2nd quarter valued at $60,000.

Semtech Stock Performance

The business has a fifty day moving average price of $51.48 and a 200 day moving average price of $41.40. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of -4.99 and a beta of 1.65.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. During the same quarter last year, the firm posted $0.02 EPS. The business's revenue for the quarter was up 17.9% compared to the same quarter last year. On average, analysts expect that Semtech Co. will post -0.01 earnings per share for the current year.

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.