Semtech’s (SMTC) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Semtech (NASDAQ:SMTC) in a report published on Friday morning,Benzinga reports. They currently have a $54.00 target price on the semiconductor company’s stock.

A number of other analysts also recently weighed in on SMTC. UBS Group initiated coverage on Semtech in a report on Friday, January 17th. They set a “buy” rating and a $85.00 price target for the company. Susquehanna raised their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Stifel Nicolaus set a $60.00 price target on Semtech in a research note on Monday, March 10th. Northland Securities raised their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Finally, Robert W. Baird lowered 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, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.55.

Semtech Price Performance

Shares of SMTC opened at $39.60 on Friday. The business has a 50-day moving average of $51.73 and a 200-day moving average of $51.29. Semtech has a 1 year low of $21.56 and a 1 year high of $79.52. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of -3.03, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69.

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

Insider Transactions at Semtech

In other Semtech news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the transaction, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Imran Sherazi sold 2,946 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value 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 approximately $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,637 shares of company stock valued at $1,472,726 over the last three months. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Semtech

Institutional investors and hedge funds have recently made changes to their positions in the company. Huntington National Bank boosted its holdings in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 302 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Semtech by 27.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company’s stock worth $97,000 after buying an additional 337 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Semtech by 15.3% in the 4th quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock worth $196,000 after buying an additional 421 shares during the last quarter. Hollencrest Capital Management purchased a new stake in shares of Semtech during the fourth quarter valued at approximately $31,000. Finally, Dunhill Financial LLC bought a new stake in Semtech during the fourth quarter worth $31,000.

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.