Piper Sandler Reiterates “Overweight” Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTCGet Free Report)‘s stock had its “overweight” rating reissued by analysts at Piper Sandler in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $60.00 target price on the semiconductor company’s stock, up from their prior target price of $40.00. Piper Sandler’s price target points to a potential upside of 54.20% from the company’s previous close.

Other analysts also recently issued research reports about the company. Northland Securities lifted their target price on Semtech from $30.00 to $36.50 and gave the company an “outperform” rating in a research note on Monday, April 1st. Oppenheimer reaffirmed a “market perform” rating on shares of Semtech in a research note on Monday, April 1st. B. Riley lifted their target price on Semtech from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Robert W. Baird lifted their target price on Semtech from $40.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Finally, Needham & Company LLC lifted their target price on Semtech from $26.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and an average target price of $42.35.

Check Out Our Latest Stock Analysis on SMTC

Semtech Trading Down 4.1 %

Shares of NASDAQ SMTC opened at $38.91 on Wednesday. The company has a market cap of $2.51 billion, a price-to-earnings ratio of -2.29 and a beta of 1.70. Semtech has a 12-month low of $13.13 and a 12-month high of $42.61. The company has a current ratio of 2.46, a quick ratio of 1.79 and a debt-to-equity ratio of 4.11. The stock’s 50 day simple moving average is $35.10 and its 200 day simple moving average is $25.35.

Semtech (NASDAQ:SMTCGet Free Report) last announced its quarterly earnings results on Thursday, March 28th. The semiconductor company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.05). The company had revenue of $192.95 million during the quarter, compared to the consensus estimate of $191.24 million. Semtech had a negative return on equity of 9.41% and a negative net margin of 125.70%. Equities research analysts expect that Semtech will post -0.08 EPS for the current year.

Insider Buying and Selling

In related news, CFO Mark Lin bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were acquired at an average cost of $33.23 per share, for a total transaction of $33,230.00. Following the acquisition, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at approximately $33,230. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Semtech by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after acquiring an additional 131,133 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Semtech by 58.9% during the third quarter. Ameriprise Financial Inc. now owns 3,958,316 shares of the semiconductor company’s stock valued at $101,927,000 after buying an additional 1,466,665 shares in the last quarter. Kodai Capital Management LP grew its holdings in shares of Semtech by 2.7% during the first quarter. Kodai Capital Management LP now owns 2,039,837 shares of the semiconductor company’s stock valued at $56,075,000 after buying an additional 54,267 shares in the last quarter. Contour Asset Management LLC grew its holdings in shares of Semtech by 2.6% during the fourth quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock valued at $32,072,000 after buying an additional 36,838 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Semtech by 81.1% during the fourth quarter. Victory Capital Management Inc. now owns 1,369,043 shares of the semiconductor company’s stock valued at $29,996,000 after buying an additional 613,274 shares in the last quarter.

About Semtech

(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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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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