Brokerages Set Semtech Co. (NASDAQ:SMTC) PT at $69.70

Shares of Semtech Co. (NASDAQ:SMTC) have been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $71.09.

A number of analysts recently weighed in on the stock. UBS Group started coverage on shares of Semtech in a research note on Friday. They set a “buy” rating and a $85.00 target price on the stock. Craig Hallum increased their price objective on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Benchmark lifted their price objective on shares of Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler reissued an “overweight” rating and issued a $75.00 target price (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Finally, B. Riley lifted their price target on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th.

Semtech Stock Up 8.8 %

Shares of SMTC stock opened at $75.00 on Monday. The firm has a 50 day moving average of $61.68 and a two-hundred day moving average of $47.07. The stock has a market capitalization of $5.68 billion, a PE ratio of -5.75 and a beta of 1.65. Semtech has a 52 week low of $18.72 and a 52 week high of $75.75.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data 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. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. During the same period last year, the firm earned $0.02 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year.

Insider Buying and Selling

In related news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief operating officer now owns 76,417 shares in the company, valued at $5,349,190. This represents a 2.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Lin sold 1,359 shares of Semtech stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $65.15, for a total transaction of $88,538.85. Following the completion of the transaction, the chief financial officer now owns 4,164 shares in the company, valued at approximately $271,284.60. This represents a 24.61 % 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 in the last quarter. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SMTC. Mutual of America Capital Management LLC raised its stake in shares of Semtech by 6.3% during 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 raised its position in Semtech by 148.6% during 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 during the last quarter. Intech Investment Management LLC raised its position in Semtech by 128.3% during 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 lifted its stake in shares of Semtech by 100.2% in the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock worth $1,626,000 after acquiring an additional 17,823 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its holdings in shares of Semtech by 135.9% in the third quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock valued at $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.