Needham & Company LLC Reaffirms “Buy” Rating for Semtech (NASDAQ:SMTC)

Needham & Company LLC reissued their buy rating on shares of Semtech (NASDAQ:SMTC) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $70.00 price target on the semiconductor company’s stock, up from their previous price target of $50.00.

Several other brokerages have also recently issued reports on SMTC. Stifel Nicolaus increased their price objective on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Northland Securities lifted their price objective on Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday. B. Riley boosted their price objective on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Roth Mkm raised their target price on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $67.70.

Semtech Stock Down 0.2 %

Shares of NASDAQ SMTC opened at $64.04 on Tuesday. Semtech has a 52-week low of $15.63 and a 52-week high of $66.64. The business’s 50 day moving average is $47.00 and its two-hundred day moving average is $39.47. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of -4.83 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $232.89 million. During the same quarter last year, the firm posted $0.02 earnings per share. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. Analysts anticipate that Semtech will post -0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SMTC. Geode Capital Management LLC lifted its holdings in shares of Semtech by 8.0% in 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. Disciplined Growth Investors Inc. MN increased its position in Semtech by 4.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after buying an additional 114,999 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Semtech in the third quarter valued at approximately $763,000. Wellington Management Group LLP acquired a new stake in shares of Semtech in the third quarter valued at approximately $10,556,000. Finally, Whale Rock Capital Management LLC purchased a new stake in Semtech in the 3rd quarter valued at $32,126,000.

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.