Semtech (NASDAQ:SMTC) Given New $76.00 Price Target at Benchmark

Semtech (NASDAQ:SMTC) had its price target raised by Benchmark from $68.00 to $76.00 in a research report sent to investors on Tuesday,Benzinga reports. Benchmark currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts have also recently weighed in on the company. Northland Securities lifted their price objective on Semtech from $48.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, August 26th. Piper Sandler lifted their price target on shares of Semtech from $55.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, August 26th. Stifel Nicolaus upped their price target on shares of Semtech from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Craig Hallum increased their price objective on shares of Semtech from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Finally, Needham & Company LLC lifted their target price on shares of Semtech from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.08.

Semtech Price Performance

NASDAQ SMTC opened at $61.58 on Tuesday. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $5.34 billion, a P/E ratio of 256.58 and a beta of 1.98. The company has a 50-day moving average price of $52.02 and a 200-day moving average price of $41.43. Semtech has a 52 week low of $24.05 and a 52 week high of $79.52.

Insider Activity

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 completion of the transaction, the chief operating officer owned 105,996 shares in the company, valued at $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 999 shares of the business’s 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 completion of the sale, the chief financial officer owned 17,211 shares in the company, valued at $754,530.24. This represents a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SMTC. Bessemer Group Inc. raised its stake in Semtech by 78.4% during the second quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 287 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Semtech during the second quarter worth $33,000. NBC Securities Inc. boosted its position in Semtech by 104,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 1,047 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Semtech by 33.4% during the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 257 shares during the period. Finally, Versant Capital Management Inc raised its stake in shares of Semtech by 58.5% during the first quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company’s stock valued at $52,000 after acquiring an additional 553 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.