Craig Hallum Forecasts Strong Price Appreciation for Semtech (NASDAQ:SMTC) Stock

Semtech (NASDAQ:SMTC) had its price target raised by Craig Hallum from $48.00 to $70.00 in a report issued on Tuesday, MarketBeat reports. They currently have a buy rating on the semiconductor company’s stock.

SMTC has been the subject of a number of other reports. Needham & Company LLC restated a “buy” rating and set a $70.00 price objective (up from $50.00) on shares of Semtech in a research report on Tuesday. Roth Mkm raised their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Benchmark reaffirmed a “buy” rating and issued a $56.00 price target on shares of Semtech in a research note on Monday, October 7th. Northland Securities increased their price objective on Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Susquehanna upped their target price on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Price Performance

Shares of NASDAQ SMTC opened at $64.04 on Tuesday. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of -4.83 and a beta of 1.54. The firm’s 50 day simple moving average is $47.00 and its 200-day simple moving average is $39.47. Semtech has a 12 month low of $15.63 and a 12 month high of $66.64.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share 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 company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. During the same quarter in the previous year, the company earned $0.02 earnings per share. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. Analysts anticipate that Semtech will post -0.07 earnings per share for the current fiscal year.

Institutional Trading of Semtech

Several hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank increased its position in shares of Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares during the last quarter. NBC Securities Inc. grew its stake in shares of 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 in the last quarter. Ridgewood Investments LLC acquired a new position in shares of Semtech during the second quarter worth $44,000. International Assets Investment Management LLC increased its holdings in 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 valued at $77,000 after buying an additional 1,652 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in Semtech in the second quarter valued at $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.