Semtech Corp. Upgraded by Zacks to “Neutral” (SMTC)
Semtech Corp. (NASDAQ:SMTC) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a report issued on Tuesday, American Banking and Market News reports. The firm currently has a $24.20 target price on the stock. Zacks‘ price objective suggests a potential upside of 2.33% from the stock’s previous close.
Shares of Semtech Corp. (NASDAQ:SMTC) traded up 1.48% on Tuesday, hitting $24.00. 255,761 shares of the company’s stock traded hands. Semtech Corp. has a one year low of $22.57 and a one year high of $37.45. The stock has a 50-day moving average of $26.84 and a 200-day moving average of $30.17. The company has a market cap of $1.647 billion and a P/E ratio of 27.50.
Semtech Corp. (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.35 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.34 by $0.01. The company had revenue of $141.02 million for the quarter, compared to the consensus estimate of $145.05 million. During the same quarter in the previous year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was down 12.3% on a year-over-year basis. Analysts expect that Semtech Corp. will post $1.56 EPS for the current fiscal year.
In other Semtech Corp. news, SVP James Jungsup Kim unloaded 5,000 shares of the stock on the open market in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $24.04, for a total transaction of $120,200.00. Following the completion of the sale, the senior vice president now directly owns 5,170 shares of the company’s stock, valued at approximately $124,287. The sale was disclosed in a legal filing with the SEC, which is available at this link.
SMTC has been the subject of a number of other recent research reports. Analysts at MKM Partners cut their price target on shares of Semtech Corp. from $38.00 to $33.00 in a research note to investors on Thursday, December 19th. They now have a “buy” rating on the stock. Separately, analysts at Williams Financial Group downgraded shares of Semtech Corp. from a “buy” rating to a “hold” rating in a research note to investors on Thursday, December 19th. They now have a $27.00 price target on the stock, down previously from $32.00. Finally, analysts at Raymond James downgraded shares of Semtech Corp. from a “strong-buy” rating to an “outperform” rating in a research note to investors on Thursday, December 19th. They now have a $26.00 price target on the stock, down previously from $36.00. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Semtech Corp. presently has a consensus rating of “Buy” and an average target price of $32.91.
Semtech Corporation (NASDAQ:SMTC) is a supplier of analog and mixed-signal semiconductor products.
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