Piper Sandler Lowers Semtech (NASDAQ:SMTC) Price Target to $30.00

Semtech (NASDAQ:SMTC) had its target price reduced by stock analysts at Piper Sandler from $40.00 to $30.00 in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s price target would suggest a potential upside of 29.03% from the company’s previous close.

A number of other research firms have also commented on SMTC. Craig Hallum dropped their price objective on shares of Semtech from $35.00 to $30.00 in a research note on Thursday. Benchmark downgraded shares of Semtech from a “buy” rating to a “hold” rating in a research report on Thursday. TheStreet raised shares of Semtech from a “d+” rating to a “c-” rating in a report on Monday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Semtech in a report on Thursday. Finally, Susquehanna raised Semtech from a “neutral” rating to a “positive” rating and set a $30.00 price objective on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.38.

Semtech Price Performance

Shares of NASDAQ:SMTC opened at $23.25 on Thursday. Semtech has a 12 month low of $17.82 and a 12 month high of $35.18. The firm has a market capitalization of $1.49 billion, a P/E ratio of -256.44 and a beta of 1.70. The company has a debt-to-equity ratio of 1.82, a current ratio of 2.14 and a quick ratio of 1.46. The company’s fifty day moving average price is $26.48 and its 200 day moving average price is $24.91.

Semtech (NASDAQ:SMTC) last posted its earnings results on Wednesday, September 13th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.09. The business had revenue of $238.37 million for the quarter, compared to analysts’ expectations of $237.37 million. Semtech had a positive return on equity of 8.83% and a negative net margin of 0.77%. The business’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 earnings per share. As a group, sell-side analysts predict that Semtech will post -0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Semtech by 29.7% in the 1st quarter. BlackRock Inc. now owns 12,090,364 shares of the semiconductor company’s stock valued at $291,861,000 after buying an additional 2,769,314 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Semtech by 2.4% in the third quarter. Vanguard Group Inc. now owns 6,576,015 shares of the semiconductor company’s stock worth $193,401,000 after acquiring an additional 151,730 shares during the last quarter. State Street Corp lifted its position in shares of Semtech by 16.1% in the second quarter. State Street Corp now owns 4,382,903 shares of the semiconductor company’s stock valued at $111,589,000 after acquiring an additional 606,593 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Semtech by 1,163.9% during the second quarter. Capital Research Global Investors now owns 4,002,965 shares of the semiconductor company’s stock valued at $101,915,000 after acquiring an additional 3,686,252 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Semtech by 338.2% during the 4th quarter. JPMorgan Chase & Co. now owns 3,738,949 shares of the semiconductor company’s stock worth $107,270,000 after purchasing an additional 2,885,729 shares in the last quarter.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.