Semtech Corporation (SMTC) Cut to Buy at BidaskClub
Semtech Corporation (NASDAQ:SMTC) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.
A number of other analysts also recently issued reports on the stock. B. Riley restated a “buy” rating and set a $48.00 price objective on shares of Semtech Corporation in a report on Tuesday, June 6th. Drexel Hamilton increased their target price on shares of Semtech Corporation from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 1st. Zacks Investment Research upgraded shares of Semtech Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, May 10th. Royal Bank Of Canada reiterated a “hold” rating and set a $39.00 target price on shares of Semtech Corporation in a research report on Thursday, July 6th. Finally, Robert W. Baird restated an “outperform” rating and issued a $45.00 price objective on shares of Semtech Corporation in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Semtech Corporation has a consensus rating of “Buy” and an average price target of $43.50.
Shares of Semtech Corporation (SMTC) traded down 0.69% during midday trading on Friday, hitting $35.80. 363,281 shares of the company were exchanged. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 39.87 and a beta of 1.44. Semtech Corporation has a one year low of $22.81 and a one year high of $41.15. The firm’s 50 day moving average price is $37.93 and its 200 day moving average price is $35.43.
Semtech Corporation (NASDAQ:SMTC) last released its quarterly earnings data on Wednesday, May 31st. The semiconductor company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Semtech Corporation had a net margin of 10.70% and a return on equity of 12.16%. The firm had revenue of $149.10 million for the quarter, compared to the consensus estimate of $145.60 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. The business’s revenue was up 13.7% on a year-over-year basis. Analysts forecast that Semtech Corporation will post $1.85 EPS for the current fiscal year.
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In other Semtech Corporation news, VP Emeka Chukwu sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $37.02, for a total value of $74,040.00. Following the completion of the transaction, the vice president now owns 77,776 shares of the company’s stock, valued at approximately $2,879,267.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Mark C. Costello sold 897 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $37.81, for a total value of $33,915.57. Following the completion of the transaction, the vice president now directly owns 897 shares of the company’s stock, valued at approximately $33,915.57. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,400 shares of company stock worth $3,327,434. 2.10% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in SMTC. Public Employees Retirement System of Ohio raised its stake in Semtech Corporation by 49.7% in the second quarter. Public Employees Retirement System of Ohio now owns 167,926 shares of the semiconductor company’s stock valued at $6,003,000 after buying an additional 55,714 shares during the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of Semtech Corporation during the second quarter worth about $508,000. Sterling Capital Management LLC bought a new position in shares of Semtech Corporation during the second quarter worth about $1,457,000. CS Mckee LP increased its position in shares of Semtech Corporation by 0.3% in the second quarter. CS Mckee LP now owns 58,500 shares of the semiconductor company’s stock worth $2,091,000 after buying an additional 200 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Semtech Corporation by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 49,844 shares of the semiconductor company’s stock worth $1,781,000 after buying an additional 186 shares during the period. 94.21% of the stock is owned by hedge funds and other institutional investors.
About Semtech Corporation
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.
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