Semtech (NASDAQ:SMTC) Price Target Raised to $54.00

Semtech (NASDAQ:SMTC) had its price target raised by Stifel Nicolaus from $45.00 to $54.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other brokerages have also recently commented on SMTC. Benchmark restated a “buy” rating and set a $68.00 target price on shares of Semtech in a report on Wednesday, May 28th. UBS Group cut their price target on Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Morgan Stanley set a $43.00 price target on Semtech in a research note on Wednesday, May 28th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $54.00 target price on shares of Semtech in a research note on Wednesday, May 28th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.58.

Semtech Stock Up 5.4%

Shares of SMTC stock opened at $53.62 on Friday. Semtech has a 12 month low of $24.05 and a 12 month high of $79.52. The firm has a market cap of $4.65 billion, a PE ratio of -26.03 and a beta of 1.92. The stock has a 50 day moving average of $42.05 and a 200-day moving average of $42.68. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.10. Semtech had a positive return on equity of 19.66% and a negative net margin of 12.52%. The company had revenue of $251.10 million during the quarter, compared to analyst estimates of $249.79 million. During the same period in the previous year, the company earned $0.06 earnings per share. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities analysts predict that Semtech will post -0.02 EPS for the current year.

Insider Transactions at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following the sale, the chief operating officer owned 105,996 shares of the company’s stock, valued at $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Lin sold 999 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total value of $43,796.16. Following the transaction, the chief financial officer owned 17,211 shares of the company’s stock, valued at approximately $754,530.24. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Truist Financial Corp grew its stake in Semtech by 23.5% in the second quarter. Truist Financial Corp now owns 8,080 shares of the semiconductor company’s stock valued at $365,000 after purchasing an additional 1,535 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Semtech in the second quarter valued at approximately $854,000. Avior Wealth Management LLC bought a new position in Semtech in the second quarter valued at approximately $415,000. State of Alaska Department of Revenue grew its stake in Semtech by 8.4% in the second quarter. State of Alaska Department of Revenue now owns 51,590 shares of the semiconductor company’s stock valued at $2,328,000 after purchasing an additional 3,994 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Semtech by 26.2% in the second quarter. GAMMA Investing LLC now owns 3,807 shares of the semiconductor company’s stock valued at $172,000 after purchasing an additional 791 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.