Semtech Co. (NASDAQ:SMTC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Semtech Co. (NASDAQ:SMTC) have earned an average rating of “Moderate Buy” from the thirteen research firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $56.92.

Several equities research analysts have commented on the stock. Benchmark cut their price target on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. UBS Group cut their price target on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Craig Hallum lowered their price objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Robert W. Baird lowered their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Finally, Stifel Nicolaus lowered their price objective on shares of Semtech from $54.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th.

Semtech Stock Up 2.0%

Shares of SMTC stock opened at $40.42 on Friday. The firm has a market capitalization of $3.50 billion, a price-to-earnings ratio of -3.10, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88. Semtech has a 12-month low of $24.05 and a 12-month high of $79.52. The firm has a fifty day moving average of $33.04 and a 200-day moving average of $47.69.

Semtech (NASDAQ:SMTC) last announced its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same period in the previous year, the company posted ($0.06) earnings per share. Semtech’s revenue for the quarter was up 30.1% on a year-over-year basis. Research analysts expect that Semtech will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 2,907 shares of the stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares in the company, valued at $508,368.51. This represents a 17.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Woodline Partners LP acquired a new position in shares of Semtech during the 1st quarter worth approximately $16,595,000. Empowered Funds LLC grew its position in shares of Semtech by 11.5% during the 1st quarter. Empowered Funds LLC now owns 9,389 shares of the semiconductor company’s stock worth $323,000 after purchasing an additional 968 shares in the last quarter. Clearline Capital LP grew its position in shares of Semtech by 9,102.3% during the 1st quarter. Clearline Capital LP now owns 689,071 shares of the semiconductor company’s stock worth $23,704,000 after purchasing an additional 681,583 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Semtech by 12,214.3% during the 1st quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company’s stock worth $89,000 after acquiring an additional 2,565 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its position in shares of Semtech by 146.1% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 52,751 shares of the semiconductor company’s stock worth $1,815,000 after acquiring an additional 31,320 shares in the last quarter.

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.