Needham & Company LLC Reiterates Buy Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research note issued on Tuesday, Marketbeat.com reports. They currently have a $70.00 target price on the semiconductor company’s stock, up from their previous target price of $50.00. Needham & Company LLC’s price target would indicate a potential upside of 9.03% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Benchmark reiterated a “buy” rating and set a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Northland Securities boosted their target price on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday. Stifel Nicolaus lifted their price target on shares of Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. B. Riley lifted their target price on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Summit Insights downgraded 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. According to MarketBeat, Semtech has an average rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Trading Up 1.7 %

Shares of NASDAQ:SMTC opened at $64.20 on Tuesday. The company has a 50 day moving average of $46.24 and a 200 day moving average of $39.12. The stock has a market cap of $4.83 billion, a P/E ratio of -4.86 and a beta of 1.54. Semtech has a 12 month low of $15.63 and a 12 month high of $66.64.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 earnings per share. On average, equities analysts forecast that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank boosted its stake in 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 purchasing an additional 302 shares in the last quarter. NBC Securities Inc. boosted its stake in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 739 shares during the last quarter. Ridgewood Investments LLC bought a new stake in shares of Semtech in the 2nd quarter worth $44,000. International Assets Investment Management LLC raised its stake in shares of Semtech by 4,464.9% in 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 last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Semtech during the 2nd quarter valued at about $60,000.

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.