Semtech (NASDAQ:SMTC) Price Target Raised to $60.00 at Susquehanna

Semtech (NASDAQ:SMTC) had its price target lifted by investment analysts at Susquehanna from $55.00 to $60.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s price target suggests a potential upside of 22.03% from the company’s previous close.

Several other research firms also recently commented on SMTC. Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Benchmark reaffirmed a “buy” rating and issued a $56.00 price target on shares of Semtech in a report on Monday, October 7th. Roth Mkm reiterated a “buy” rating and set a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. B. Riley upped their target price on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Semtech in a research note 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.10.

Semtech Stock Performance

NASDAQ:SMTC opened at $49.17 on Thursday. The stock has a 50-day simple moving average of $45.16 and a two-hundred day simple moving average of $38.71. Semtech has a 52-week low of $15.05 and a 52-week high of $53.22. The firm has a market capitalization of $3.70 billion, a PE ratio of -3.63 and a beta of 1.54.

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

Hedge Funds Weigh In On Semtech

Several hedge funds have recently made changes to their positions in SMTC. Huntington National Bank lifted its position in Semtech by 105.2% during 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 period. Ridgewood Investments LLC purchased a new position in shares of Semtech in the second quarter worth about $44,000. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech during the second quarter worth about $60,000. NBC Securities Inc. boosted its position in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 739 shares during the last quarter. Finally, Quarry LP purchased a new stake in Semtech in the second quarter valued at approximately $63,000.

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.