Semtech (NASDAQ:SMTC) Earns Buy Rating from Analysts at UBS Group

UBS Group assumed coverage on shares of Semtech (NASDAQ:SMTC) in a report published on Friday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $85.00 target price on the semiconductor company’s stock.

Several other brokerages have also issued reports on SMTC. Northland Securities lifted their price target on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Piper Sandler reissued an “overweight” rating and set a $75.00 price objective (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Susquehanna boosted their price objective on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Benchmark increased their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Needham & Company LLC boosted their price target on Semtech from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.09.

Semtech Trading Up 8.8 %

Shares of NASDAQ SMTC opened at $75.00 on Friday. The company has a market capitalization of $5.68 billion, a P/E ratio of -5.75 and a beta of 1.65. Semtech has a 12 month low of $18.72 and a 12 month high of $75.75. The stock has a 50 day moving average of $61.68 and a 200-day moving average of $47.27.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. During the same period in the prior year, the firm posted $0.02 EPS. The company’s revenue for the quarter was up 17.9% on a year-over-year basis.

Insider Activity

In related news, CFO Mark Lin sold 1,359 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $65.15, for a total transaction of $88,538.85. Following the transaction, the chief financial officer now owns 4,164 shares in the company, valued at $271,284.60. The trade was a 24.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Imran Sherazi sold 2,946 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the transaction, the senior vice president now owns 6,317 shares of the company’s stock, valued at approximately $399,866.10. This represents a 31.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,419 shares of company stock valued at $816,955. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

Institutional investors and hedge funds have recently made changes to their positions in the business. Huntington National Bank boosted its holdings 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 purchasing an additional 302 shares during the last quarter. NBC Securities Inc. lifted its holdings in shares of Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 739 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Semtech by 4,464.9% in the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock worth $77,000 after buying an additional 1,652 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Semtech in the second quarter worth $60,000. Finally, Quarry LP purchased a new stake in Semtech during the second quarter valued at $63,000.

About Semtech

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.