Semtech’s (SMTC) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Semtech (NASDAQ:SMTC) in a report issued on Friday morning,Benzinga reports. They currently have a $54.00 price objective on the semiconductor company’s stock.

A number of other equities research analysts also recently issued reports on SMTC. Susquehanna upped their price target on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Craig Hallum increased their price target on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Roth Mkm boosted their price objective on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. B. Riley raised their price objective on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Stifel Nicolaus set a $60.00 target price on Semtech in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and an average price target of $61.55.

Semtech Stock Up 21.1 %

Shares of Semtech stock opened at $39.60 on Friday. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of -3.03, a PEG ratio of 2.12 and a beta of 1.69. Semtech has a twelve month low of $21.56 and a twelve month high of $79.52. The business has a 50-day moving average price of $51.73 and a 200-day moving average price of $51.13.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. The business’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.06) EPS. On average, equities analysts expect that Semtech will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the completion of the sale, the chief financial officer now directly owns 3,531 shares of the company’s stock, valued at $232,127.94. The trade was a 63.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Imran Sherazi sold 2,946 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the transaction, the senior vice president now directly owns 6,317 shares in the company, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,637 shares of company stock valued at $1,472,726 in the last quarter. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Semtech

Several hedge funds have recently made changes to their positions in SMTC. Mutual of America Capital Management LLC raised its holdings in shares of Semtech by 6.3% in the third quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock valued at $515,000 after acquiring an additional 673 shares in the last quarter. Moody National Bank Trust Division raised its holdings in shares of Semtech by 148.6% in the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock valued at $1,272,000 after purchasing an additional 12,296 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Semtech by 15.8% in the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company’s stock worth $25,396,000 after purchasing an additional 56,108 shares during the period. Rhumbline Advisers boosted its stake in shares of Semtech by 6.1% during the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company’s stock valued at $12,702,000 after purchasing an additional 11,878 shares in the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in Semtech during the fourth quarter valued at approximately $2,680,000.

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.