Semtech (NASDAQ:SMTC) Stock Price Up 6% Following Analyst Upgrade

Semtech Co. (NASDAQ:SMTCGet Free Report) shares rose 6% on Friday after Needham & Company LLC raised their price target on the stock from $70.00 to $74.00. Needham & Company LLC currently has a buy rating on the stock. Semtech traded as high as $68.64 and last traded at $68.39. Approximately 97,851 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,867,122 shares. The stock had previously closed at $64.54.

Other analysts have also recently issued reports about the stock. Craig Hallum upped their target price on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price objective (up from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Stifel Nicolaus boosted their target price on Semtech from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Northland Securities raised their price target on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, B. Riley boosted their price objective on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $68.70.

Get Our Latest Report on SMTC

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in Semtech by 8.0% in the third quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock worth $73,883,000 after purchasing an additional 119,572 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its holdings in Semtech by 4.6% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after acquiring an additional 114,999 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Semtech during the third quarter worth about $763,000. Wellington Management Group LLP purchased a new position in shares of Semtech in the 3rd quarter valued at approximately $10,556,000. Finally, Whale Rock Capital Management LLC acquired a new stake in Semtech in the 3rd quarter worth approximately $32,126,000.

Semtech Stock Performance

The firm’s 50-day simple moving average is $51.01 and its two-hundred day simple moving average is $41.23.

Semtech (NASDAQ:SMTCGet Free Report) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million during 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 99.08%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.02 EPS. As a group, equities analysts expect that Semtech Co. will post -0.01 earnings per share for the current year.

Semtech Company Profile

(Get Free Report)

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.

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