Drexel Hamilton Reiterates Buy Rating for Semtech Corp. (SMTC)
Semtech Corp. (NASDAQ:SMTC)‘s stock had its “buy” rating reissued by investment analysts at Drexel Hamilton in a research report issued to clients and investors on Saturday. They presently have a $32.00 price objective on the stock. Drexel Hamilton’s target price would indicate a potential upside of 16.24% from the stock’s current price.
SMTC has been the subject of several other research reports. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Semtech Corp. in a research note on Monday, September 5th. MKM Partners restated a “hold” rating on shares of Semtech Corp. in a research note on Thursday, June 23rd. Zacks Investment Research cut Semtech Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Finally, B. Riley restated a “buy” rating and issued a $37.00 price target on shares of Semtech Corp. in a research note on Thursday. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Semtech Corp. has an average rating of “Buy” and a consensus price target of $27.33.
Shares of Semtech Corp. (NASDAQ:SMTC) opened at 27.53 on Friday. The stock has a market cap of $1.81 billion, a PE ratio of 65.39 and a beta of 1.37. Semtech Corp. has a one year low of $15.70 and a one year high of $28.21. The company’s 50-day moving average price is $27.07 and its 200-day moving average price is $24.23.
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Semtech Corp. (NASDAQ:SMTC) last posted its quarterly earnings results on Wednesday, August 31st. The company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. Semtech Corp. had a return on equity of 8.89% and a net margin of 5.55%. The firm earned $135.90 million during the quarter. During the same quarter in the prior year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. Equities research analysts anticipate that Semtech Corp. will post $1.34 earnings per share for the current year.
In other Semtech Corp. news, insider Mohan Maheswaran sold 1,500 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $26.00, for a total transaction of $39,000.00. Following the completion of the sale, the insider now owns 184,867 shares of the company’s stock, valued at $4,806,542. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mark C. Costello sold 3,042 shares of the business’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $27.47, for a total value of $83,563.74. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Institutional Trust Company N.A. raised its position in Semtech Corp. by 2.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,653,672 shares of the company’s stock worth $36,364,000 after buying an additional 42,426 shares during the period. UBS Asset Management Americas Inc. raised its position in Semtech Corp. by 841.3% in the first quarter. UBS Asset Management Americas Inc. now owns 420,048 shares of the company’s stock worth $9,236,000 after buying an additional 375,422 shares during the period. Pacad Investment Ltd. acquired a new position in Semtech Corp. during the first quarter worth $378,000. Robeco Institutional Asset Management B.V. acquired a new position in Semtech Corp. during the second quarter worth $5,778,000. Finally, Ngam Advisors L.P. raised its position in Semtech Corp. by 10.0% in the first quarter. Ngam Advisors L.P. now owns 27,177 shares of the company’s stock worth $598,000 after buying an additional 2,461 shares during the period. 95.43% of the stock is owned by institutional investors and hedge funds.
About Semtech Corp.
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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