B. Riley Boosts Semtech (NASDAQ:SMTC) Price Target to $61.00

Semtech (NASDAQ:SMTC) had its price objective upped by equities research analysts at B. Riley from $58.00 to $61.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. B. Riley’s price objective indicates a potential upside of 59.85% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Craig Hallum upped their price target on shares of Semtech from $36.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Piper Sandler reissued an “overweight” rating and set a $60.00 target price (up previously from $40.00) on shares of Semtech in a report on Wednesday, May 29th. Stifel Nicolaus lifted their price target on Semtech from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Roth Mkm increased their price objective on Semtech from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, StockNews.com raised shares of Semtech from a “sell” rating to a “hold” rating in a research note on Thursday, June 6th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.00.

Semtech Stock Up 3.1 %

SMTC stock opened at $38.16 on Wednesday. Semtech has a 52-week low of $13.13 and a 52-week high of $46.86. The company’s 50-day simple moving average is $32.52 and its 200-day simple moving average is $31.28. The firm has a market cap of $2.47 billion, a P/E ratio of -2.26 and a beta of 1.55.

Semtech (NASDAQ:SMTC) last announced its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $215.40 million for the quarter, compared to analyst estimates of $212.30 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 129.52%. The business’s revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) EPS. On average, analysts anticipate that Semtech will post -0.03 earnings per share for the current fiscal year.

Institutional Trading of Semtech

Several institutional investors have recently added to or reduced their stakes in SMTC. Fidelis Capital Partners LLC acquired a new position in shares of Semtech in the first quarter worth $27,000. Ridgewood Investments LLC purchased a new position in Semtech in the second quarter valued at $44,000. GAMMA Investing LLC boosted its holdings in Semtech by 83.9% in the first quarter. GAMMA Investing LLC now owns 1,694 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 773 shares during the period. Versant Capital Management Inc raised its position in Semtech by 205.0% in the 1st quarter. Versant Capital Management Inc now owns 1,873 shares of the semiconductor company’s stock valued at $51,000 after purchasing an additional 1,259 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Semtech in 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.