Semtech Corp.’s (SMTC) Buy Rating Reiterated at Drexel Hamilton
Semtech Corp. (NASDAQ:SMTC)‘s stock had its “buy” rating restated by analysts at Drexel Hamilton in a research note issued to investors on Saturday. They currently have a $32.00 price target on the stock. Drexel Hamilton’s price objective would indicate a potential upside of 16.24% from the company’s current price.
A number of other equities research analysts have also weighed in on SMTC. Zacks Investment Research lowered shares of Semtech Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. MKM Partners restated a “hold” rating on shares of Semtech Corp. in a report on Thursday, June 23rd. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Semtech Corp. in a report on Monday, September 5th. Finally, B. Riley restated a “buy” rating and issued a $31.50 price objective on shares of Semtech Corp. in a report on Tuesday, August 30th. Five investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Semtech Corp. presently has an average rating of “Buy” and an average target price of $27.33.
Shares of Semtech Corp. (NASDAQ:SMTC) opened at 27.53 on Friday. The stock has a market capitalization of $1.81 billion, a price-to-earnings 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 stock’s 50 day moving average is $27.07 and its 200-day moving average is $24.23.
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Semtech Corp. (NASDAQ:SMTC) last released its earnings results on Wednesday, August 31st. The company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.02. The company had revenue of $135.90 million for the quarter. Semtech Corp. had a net margin of 5.55% and a return on equity of 8.89%. Semtech Corp.’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. On average, equities research analysts predict that Semtech Corp. will post $1.34 EPS for the current fiscal year.
In related news, VP Mark C. Costello sold 3,042 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $27.47, for a total value of $83,563.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mohan Maheswaran sold 1,500 shares of the stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $26.40, for a total transaction of $39,600.00. Following the completion of the transaction, the insider now directly owns 183,367 shares in the company, valued at $4,840,888.80. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of SMTC. Creative Planning increased its position in shares of Semtech Corp. by 0.4% in the second quarter. Creative Planning now owns 6,528 shares of the company’s stock valued at $156,000 after buying an additional 28 shares during the last quarter. PineBridge Investments L.P. increased its position in shares of Semtech Corp. by 4.4% in the second quarter. PineBridge Investments L.P. now owns 8,278 shares of the company’s stock valued at $198,000 after buying an additional 348 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Semtech Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,134 shares of the company’s stock valued at $218,000 after buying an additional 1,105 shares during the last quarter. Zacks Investment Management acquired a new position in shares of Semtech Corp. during the second quarter valued at about $224,000. Finally, Aspen Investment Management Inc acquired a new position in shares of Semtech Corp. during the second quarter valued at about $230,000. 95.43% of the stock is currently owned by hedge funds and other institutional investors.
Semtech Corp. Company Profile
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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