Semtech (NASDAQ:SMTC) Shares Gap Up – Still a Buy?

Semtech Co. (NASDAQ:SMTC) shares gapped up before the market opened on Friday . The stock had previously closed at $68.93, but opened at $71.50. Semtech shares last traded at $73.24, with a volume of 272,885 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SMTC. Craig Hallum lifted their target price on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler restated an “overweight” rating and set a $75.00 target price (up previously from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Needham & Company LLC lifted their target price on shares of Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Benchmark lifted their target price on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, UBS Group initiated coverage on shares of Semtech in a report on Friday. They issued a “buy” rating and a $85.00 target price on the stock. 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $71.09.

Semtech Trading Up 8.8 %

The company has a market capitalization of $5.68 billion, a PE ratio of -5.75 and a beta of 1.65. The stock’s 50-day moving average is $61.68 and its two-hundred day moving average is $47.17.

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

Insider Buying and Selling at Semtech

In related news, COO Asaf Silberstein sold 2,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the transaction, the chief operating officer now directly owns 76,417 shares in the company, valued at $5,349,190. The trade was a 2.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total value of $401,934.36. Following the transaction, the chief financial officer now owns 3,531 shares in the company, valued at approximately $232,127.94. This trade represents a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,419 shares of company stock worth $816,955 over the last quarter. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Several hedge funds have recently bought and sold shares of the stock. Huntington National Bank boosted its position in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 302 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Semtech in the 2nd quarter worth approximately $60,000. NBC Securities Inc. boosted 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 worth $62,000 after purchasing an additional 739 shares during the last quarter. Quarry LP purchased a new stake in shares of Semtech in the second quarter valued at approximately $63,000. Finally, International Assets Investment Management LLC increased its holdings in shares of Semtech by 4,464.9% in the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after purchasing an additional 1,652 shares during 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.