Semtech (NASDAQ:SMTC) Trading Up 3.8% – Still a Buy?

Semtech Co. (NASDAQ:SMTC)’s share price traded up 3.8% on Monday . The company traded as high as $43.42 and last traded at $43.28. 635,970 shares were traded during mid-day trading, a decline of 67% from the average session volume of 1,903,851 shares. The stock had previously closed at $41.68.

Analyst Ratings Changes

A number of analysts have commented on SMTC shares. Roth Mkm reiterated a “buy” rating and issued a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. Stifel Nicolaus upped their price objective on Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. B. Riley raised their target price on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Benchmark reissued a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research note on Monday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Semtech in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and an average target price of $52.60.

Semtech Price Performance

The stock’s 50-day moving average price is $39.09 and its 200 day moving average price is $35.81.

Semtech (NASDAQ:SMTC) last announced its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The business had revenue of $215.40 million during the quarter, compared to analysts’ expectations of $212.30 million. During the same quarter last year, the company posted ($0.06) EPS. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, sell-side analysts forecast that Semtech Co. will post -0.07 EPS for the current year.

Hedge Funds Weigh In On Semtech

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Semtech by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after acquiring an additional 131,133 shares during the last quarter. Millennium Management LLC increased its stake in Semtech by 26.6% during the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after purchasing an additional 765,877 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in Semtech by 343.3% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after purchasing an additional 1,932,116 shares in the last quarter. Kodai Capital Management LP lifted its stake in Semtech by 2.7% during the 1st quarter. Kodai Capital Management LP now owns 2,039,837 shares of the semiconductor company’s stock valued at $56,075,000 after acquiring an additional 54,267 shares in the last quarter. Finally, Contour Asset Management LLC increased its stake in Semtech by 2.6% in the 4th quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock valued at $32,072,000 after buying an additional 36,838 shares during 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.