Needham & Company LLC Issues Positive Forecast for Semtech (NASDAQ:SMTC) Stock Price

Semtech (NASDAQ:SMTC) had its price target hoisted by Needham & Company LLC from $70.00 to $74.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target suggests a potential upside of 13.58% from the company’s previous close.

Several other brokerages have also recently weighed in on SMTC. Benchmark upped their target price on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Craig Hallum increased their target price on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. 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. Susquehanna increased their price objective on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Finally, Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Three equities research 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.70.

Semtech Trading Up 0.9 %

Shares of SMTC opened at $65.15 on Thursday. The firm has a market capitalization of $4.93 billion, a P/E ratio of -4.99 and a beta of 1.65. Semtech has a 12-month low of $18.16 and a 12-month high of $70.27. The firm has a fifty day moving average price of $51.48 and a 200-day moving average price of $41.40.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping 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 period in the prior year, the firm earned $0.02 EPS. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. Analysts predict that Semtech will post -0.01 earnings per share for the current year.

Institutional Trading of Semtech

Several large investors have recently bought and sold shares of the stock. Millennium Management LLC lifted its stake in shares of Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after buying an additional 765,877 shares during the period. Disciplined Growth Investors Inc. MN lifted its position in Semtech by 4.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after acquiring an additional 114,999 shares during the period. Geode Capital Management LLC grew its stake in Semtech by 8.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock valued at $73,883,000 after purchasing an additional 119,572 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Semtech during the 2nd quarter valued at about $43,395,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Semtech by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock valued at $48,303,000 after purchasing an additional 100,410 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.