Brokerages Set Semtech Co. (NASDAQ:SMTC) Price Target at $71.09

Shares of Semtech Co. (NASDAQ:SMTC) have been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $72.00.

Several equities analysts have recently weighed in on SMTC shares. Susquehanna boosted their target price on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Needham & Company LLC increased 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. Craig Hallum lifted their price target on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler reiterated an “overweight” rating and set a $75.00 price target (up from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Finally, UBS Group began coverage on shares of Semtech in a research note on Friday, January 17th. They issued a “buy” rating and a $85.00 price objective for the company.

Insider Activity at Semtech

In other news, SVP Imran Sherazi sold 1,338 shares of the business’s stock in a transaction 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. The trade was a 98.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Lin sold 6,114 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 3,531 shares in the company, valued at approximately $232,127.94. The trade was a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,747 shares of company stock worth $1,095,061 over the last three months. 0.60% of the stock is owned by corporate insiders.

Institutional Trading of Semtech

Several large investors have recently added to or reduced their stakes in SMTC. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Semtech by 4.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after purchasing an additional 114,999 shares during the period. Geode Capital Management LLC lifted its stake in Semtech by 8.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock valued at $73,883,000 after acquiring an additional 119,572 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Semtech by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,061,871 shares of the semiconductor company’s stock valued at $65,677,000 after acquiring an additional 3,991 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Semtech by 130.7% in the third quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock worth $37,633,000 after acquiring an additional 466,868 shares during the period. Finally, Whale Rock Capital Management LLC purchased a new position in shares of Semtech during the third quarter worth $32,126,000.

Semtech Price Performance

NASDAQ:SMTC opened at $54.51 on Friday. The company has a market cap of $4.13 billion, a price-to-earnings ratio of -4.18, a PEG ratio of 2.98 and a beta of 1.64. Semtech has a 1 year low of $19.12 and a 1 year high of $79.52. The stock’s 50 day simple moving average is $65.85 and its two-hundred day simple moving average is $50.74.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. Semtech’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 EPS.

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.