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

Piper Sandler restated their overweight rating on shares of Semtech (NASDAQ:SMTC) in a research report released on Monday morning,Benzinga reports. The brokerage currently has a $55.00 price objective on the semiconductor company’s stock, down from their prior price objective of $75.00.

Other equities analysts also recently issued research reports about the company. B. Riley boosted their target price on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Needham & Company LLC cut their price objective on shares of Semtech from $74.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday. Roth Mkm raised their target price on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Benchmark upped their price target on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Robert W. Baird decreased their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and a consensus price target of $67.91.

Semtech Stock Performance

Shares of SMTC opened at $37.60 on Monday. Semtech has a fifty-two week low of $19.12 and a fifty-two week high of $79.52. The company’s fifty day moving average is $65.34 and its 200 day moving average is $50.80. The stock has a market capitalization of $2.85 billion, a PE ratio of -2.88, a P/E/G ratio of 2.98 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last announced 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 for the quarter, compared to analysts’ expectations of $232.89 million. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.02 earnings per share.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 2,990 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total transaction of $177,755.50. Following the transaction, the chief financial officer now owns 5,446 shares of the company’s stock, valued at approximately $323,764.70. This trade represents a 35.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Imran Sherazi sold 2,946 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the completion of the sale, the senior vice president now directly owns 6,317 shares of the company’s stock, valued at $399,866.10. The trade was a 31.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,747 shares of company stock worth $1,095,061 in the last ninety days. 0.60% of the stock is owned by company insiders.

Institutional Trading of Semtech

A number of hedge funds have recently bought and sold shares of SMTC. Creative Planning lifted its stake in shares of Semtech by 3.4% during the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after purchasing an additional 588 shares during the last quarter. Truist Financial Corp purchased a new stake in Semtech during the second quarter valued at approximately $340,000. GAMMA Investing LLC increased its position in shares of Semtech by 76.0% during the third quarter. GAMMA Investing LLC now owns 2,745 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 1,185 shares in the last quarter. CWM LLC lifted its holdings in shares of Semtech by 33.9% during the 3rd quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 818 shares during the last quarter. Finally, NBC Securities Inc. lifted its holdings in shares of Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 739 shares during 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.