Semtech Co. (NASDAQ:SMTC) Receives $69.70 Consensus PT from Brokerages

Shares of Semtech Co. (NASDAQ:SMTC) have been given a consensus rating of “Moderate Buy” by the twelve research firms that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $69.70.

Several equities analysts have recently commented on the company. Needham & Company LLC raised their price target on Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Northland Securities increased their target price on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. B. Riley boosted their price target on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Roth Mkm increased their price objective on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Semtech in a research note on Tuesday, November 26th.

Semtech Price Performance

SMTC stock opened at $72.51 on Monday. The company has a market capitalization of $5.49 billion, a PE ratio of -5.56 and a beta of 1.65. Semtech has a 12 month low of $18.16 and a 12 month high of $73.96. The firm’s 50-day moving average is $60.38 and its 200 day moving average is $46.43.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. The company’s revenue was up 17.9% on a year-over-year basis. Sell-side analysts forecast that Semtech will post -0.01 EPS for the current fiscal year.

Insider Activity

In related news, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction dated 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 owns 6,317 shares of the company’s stock, valued at $399,866.10. The trade was a 31.80 % 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 1,359 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $65.15, for a total transaction of $88,538.85. Following the transaction, the chief financial officer now directly owns 4,164 shares of the company’s stock, valued at approximately $271,284.60. This trade represents a 24.61 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,419 shares of company stock worth $676,955. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

A number of institutional investors have recently modified their holdings of the stock. Huntington National Bank grew 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 acquiring an additional 302 shares during the period. NBC Securities Inc. grew its stake 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 worth $62,000 after purchasing an additional 739 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Semtech by 4,464.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after purchasing an additional 1,652 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Semtech in the 2nd quarter valued at $60,000. Finally, Quarry LP purchased a new stake in Semtech during the second quarter worth $63,000.

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.