Semtech (NASDAQ:SMTC) Given New $85.00 Price Target at B. Riley

Semtech (NASDAQ:SMTC) had its price objective hoisted by B. Riley from $61.00 to $85.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

SMTC has been the topic of a number of other research reports. Needham & Company LLC reissued a “buy” rating and set a $70.00 price target (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Stifel Nicolaus increased their price target on Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday. Susquehanna increased their price target on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Roth Mkm increased their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Northland Securities increased their price target on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Stock Up 18.1 %

SMTC opened at $63.11 on Tuesday. The business has a 50 day moving average price of $45.83 and a two-hundred day moving average price of $38.96. The company has a market cap of $4.75 billion, a PE ratio of -4.66 and a beta of 1.54. Semtech has a 52 week low of $15.63 and a 52 week high of $66.64.

Semtech (NASDAQ:SMTC) last released its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. During the same quarter in the previous year, the firm posted $0.02 EPS. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. As a group, sell-side analysts expect that Semtech will post -0.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Semtech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Semtech by 1.6% in the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after buying an additional 131,133 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Semtech by 5.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 77,580 shares of the semiconductor company’s stock worth $2,134,000 after buying an additional 4,347 shares during the last quarter. SG Capital Management LLC acquired a new position in Semtech in the first quarter worth approximately $7,084,000. Harbor Capital Advisors Inc. grew its position in Semtech by 23.0% in the second quarter. Harbor Capital Advisors Inc. now owns 18,043 shares of the semiconductor company’s stock worth $539,000 after buying an additional 3,370 shares during the last quarter. Finally, CWM LLC grew its position in Semtech by 134.6% in the second quarter. CWM LLC now owns 2,412 shares of the semiconductor company’s stock worth $72,000 after buying an additional 1,384 shares during the last quarter.

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.