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

Semtech Co. (NASDAQ:SMTC) 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.

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:SMTC) 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

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.