Piper Sandler Reaffirms “Overweight” Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “overweight” rating reiterated by stock analysts at Piper Sandler in a note issued to investors on Tuesday,Benzinga reports. They currently have a $75.00 price objective on the semiconductor company’s stock, up from their prior price objective of $60.00. Piper Sandler’s target price points to a potential upside of 40.34% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Benchmark reiterated a “buy” rating and issued a $56.00 price objective on shares of Semtech in a report on Monday, October 7th. 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. Craig Hallum increased their price objective on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday. B. Riley raised their target price on shares of 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 reiterated a “buy” rating and set a $70.00 target price (up from $50.00) on shares of Semtech in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.20.

Semtech Stock Performance

Shares of NASDAQ SMTC opened at $53.44 on Tuesday. The firm’s 50 day moving average price is $45.83 and its 200-day moving average price is $38.96. Semtech has a 52-week low of $15.63 and a 52-week high of $53.74. The company has a market cap of $4.02 billion, a PE ratio of -3.94 and a beta of 1.54.

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

Institutional Investors Weigh In On Semtech

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Semtech by 1.6% during the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock valued at $232,522,000 after purchasing an additional 131,133 shares in the last quarter. Millennium Management LLC raised its stake in shares of Semtech by 26.6% in the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after buying an additional 765,877 shares during the period. Disciplined Growth Investors Inc. MN lifted its position in shares of Semtech by 4.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock valued at $119,172,000 after buying an additional 114,999 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Semtech by 8.0% during 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 acquiring an additional 119,572 shares during the period. Finally, Driehaus Capital Management LLC bought a new position in shares of Semtech during the 2nd quarter valued at approximately $43,395,000.

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.