Benchmark Increases Semtech (NASDAQ:SMTC) Price Target to $82.00

Semtech (NASDAQ:SMTC) had its price objective raised by stock analysts at Benchmark from $56.00 to $82.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price target would suggest a potential upside of 27.73% from the company’s previous close.

A number of other research firms also recently issued reports on SMTC. B. Riley lifted their price objective on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday. Craig Hallum lifted their price target on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective (up from $60.00) on shares of Semtech in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Finally, Roth Mkm lifted their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Semtech has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Stock Performance

SMTC opened at $64.20 on Tuesday. Semtech has a 52-week low of $15.63 and a 52-week high of $66.64. The stock has a market capitalization of $4.83 billion, a P/E ratio of -4.86 and a beta of 1.54. The company’s 50-day simple moving average is $46.24 and its two-hundred day simple moving average is $39.12.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million during 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.02 EPS. Research analysts forecast that Semtech will post -0.07 EPS for the current fiscal year.

Institutional Trading of Semtech

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Semtech by 1.6% during the 1st 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. CANADA LIFE ASSURANCE Co increased its position in shares of Semtech by 5.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 77,580 shares of the semiconductor company’s stock valued at $2,134,000 after acquiring an additional 4,347 shares during the period. SG Capital Management LLC purchased a new position in Semtech in the 1st quarter worth $7,084,000. Harbor Capital Advisors Inc. lifted its position in Semtech by 23.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 18,043 shares of the semiconductor company’s stock worth $539,000 after acquiring an additional 3,370 shares during the period. Finally, CWM LLC lifted its position in Semtech by 134.6% during the 2nd quarter. CWM LLC now owns 2,412 shares of the semiconductor company’s stock worth $72,000 after acquiring an additional 1,384 shares during the period.

About Semtech

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.