Semtech’s (SMTC) “Overweight” Rating Reaffirmed at Piper Sandler

Semtech (NASDAQ:SMTC)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Sandler in a report released on Monday,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. Piper Sandler’s price objective indicates a potential upside of 44.05% from the stock’s previous close.

A number of other equities analysts also recently weighed in on SMTC. Robert W. Baird cut their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. UBS Group started coverage on shares of Semtech in a research note on Friday, January 17th. They issued a “buy” rating and a $85.00 target price on the stock. Craig Hallum raised 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. Roth Mkm upped their price objective on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC decreased their target price on Semtech from $74.00 to $54.00 and set a “buy” rating for the company 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.91.

Semtech Stock Performance

Semtech stock opened at $38.18 on Monday. The stock has a market cap of $2.89 billion, a PE ratio of -2.93, a price-to-earnings-growth ratio of 2.98 and a beta of 1.64. Semtech has a fifty-two week low of $19.12 and a fifty-two week high of $79.52. The firm’s 50-day simple moving average is $64.77 and its 200 day simple moving average is $50.85.

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

Insider Activity

In related news, CFO Mark Lin sold 6,114 shares of the company’s 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 sale, the chief financial officer now owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. This represents a 63.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was 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 in the company, valued at $1,050. This trade represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,747 shares of company stock worth $1,095,061. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Semtech

Institutional investors have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC increased its position 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 worth $515,000 after purchasing an additional 673 shares during the last quarter. Moody National Bank Trust Division grew its stake in Semtech by 148.6% in the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after buying an additional 12,296 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Semtech by 128.3% in the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock worth $1,394,000 after buying an additional 17,150 shares during the last quarter. Natixis Advisors LLC raised its position in shares of Semtech by 100.2% during the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock valued at $1,626,000 after buying an additional 17,823 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in Semtech by 135.9% in the third quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock worth $1,943,000 after acquiring an additional 24,517 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.