Semtech (NASDAQ:SMTC) Receives Overweight Rating from Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Semtech (NASDAQ:SMTC) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $55.00 target price on the semiconductor company’s stock, down from their prior target price of $75.00.

Several other research analysts have also commented on SMTC. Roth Mkm lifted their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Stifel Nicolaus lifted their price target on Semtech from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Robert W. Baird dropped their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Needham & Company LLC dropped their price target on Semtech from $74.00 to $54.00 and set a “buy” rating for the company in a research report on Monday. Finally, Craig Hallum lifted their price target on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three 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, the company has an average rating of “Moderate Buy” and an average price target of $67.91.

Semtech Trading Down 4.0 %

Shares of SMTC stock opened at $36.65 on Monday. Semtech has a 12-month low of $19.12 and a 12-month high of $79.52. The stock’s 50-day moving average price is $64.12 and its 200-day moving average price is $50.75. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of -2.81, a price-to-earnings-growth ratio of 2.98 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. During the same period last year, the firm posted $0.02 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year.

Insider Activity

In other news, CFO Mark Lin sold 6,114 shares of Semtech stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the sale, the chief financial officer now owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. The trade was a 63.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Imran Sherazi sold 1,338 shares of Semtech stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $75.00, for a total transaction of $100,350.00. Following the sale, the senior vice president now directly owns 14 shares of the company’s stock, valued at $1,050. This represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,747 shares of company stock valued at $1,095,061. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

A number of large investors have recently bought and sold shares of SMTC. Huntington National Bank raised its stake in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares in the last quarter. Hollencrest Capital Management bought a new position in Semtech in the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC raised its stake in Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after buying an additional 505 shares in the last quarter. NBC Securities Inc. raised its stake in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after buying an additional 739 shares in the last quarter. Finally, AlphaQuest LLC increased its position in shares of Semtech by 173.5% during the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 772 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.