Semtech (NASDAQ:SMTC) Given New $60.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC raised their price target for Semtech (NASDAQ:SMTC) from $54.00 to $60.00, indicating a potential upside of 17.65% from the stock's current price.
• Semtech reported earnings of $0.31 per share for the last quarter, surpassing analysts' expectations of $0.21, with revenue increasing 21.8% year-over-year.
• While multiple analysts maintain a "buy" rating, the average target price for Semtech remains around $60.08, reflecting mixed opinions on potential future performance.

Semtech (NASDAQ:SMTC - Free Report) had its price target hoisted by Needham & Company LLC from $54.00 to $60.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the semiconductor company's stock.

Several other analysts have also recently issued reports on SMTC. UBS Group lowered their price objective on shares of Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Benchmark reissued a "buy" rating and set a $68.00 price target on shares of Semtech in a research report on Tuesday. Morgan Stanley set a $43.00 price target on Semtech in a research note on Wednesday, May 28th. Finally, Stifel Nicolaus raised their price objective on Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $60.42.

Semtech Trading Up 4.2%

Shares of SMTC stock traded up $2.43 during trading hours on Tuesday, hitting $60.56. 2,815,541 shares of the company were exchanged, compared to its average volume of 2,055,076. The firm has a fifty day moving average of $49.53 and a 200 day moving average of $40.20. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. Semtech has a 1 year low of $24.05 and a 1 year high of $79.52. The firm has a market cap of $5.25 billion, a PE ratio of 252.33 and a beta of 1.94.

Semtech (NASDAQ:SMTC - Get Free Report) last released its earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.10. The firm had revenue of $251.10 million during the quarter, compared to the consensus estimate of $249.79 million. Semtech had a net margin of 2.38% and a return on equity of 18.28%. Semtech's revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 earnings per share. Analysts expect that Semtech will post -0.02 earnings per share for the current year.

Insider Transactions at Semtech

In other Semtech news, CFO Mark Lin sold 999 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total value of $43,796.16. Following the completion of the transaction, the chief financial officer owned 17,211 shares in the company, valued at $754,530.24. This represents a 5.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total transaction of $85,960.00. Following the sale, the chief operating officer owned 105,996 shares in the company, valued at $4,555,708.08. This represents a 1.85% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Semtech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMTC. Bessemer Group Inc. grew its stake in shares of Semtech by 78.4% during the second quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 287 shares in the last quarter. Dunhill Financial LLC acquired a new position in shares of Semtech in the fourth quarter worth about $31,000. Ameritas Advisory Services LLC purchased a new position in Semtech in the second quarter valued at about $33,000. NBC Securities Inc. grew its stake in Semtech by 104,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock valued at $36,000 after purchasing an additional 1,047 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in Semtech by 33.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock valued at $36,000 after purchasing an additional 257 shares in the last quarter.

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.