Semtech Co. (NASDAQ:SMTC) Receives $57.33 Consensus Target Price from Analysts

Semtech Co. (NASDAQ:SMTC) has received a consensus recommendation of “Moderate Buy” from the thirteen research firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $57.33.

Several research firms recently issued reports on SMTC. Robert W. Baird reduced their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Craig Hallum reduced their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Piper Sandler reissued an “overweight” rating and set a $55.00 price objective (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Needham & Company LLC restated a “buy” rating and issued a $54.00 target price on shares of Semtech in a report on Friday, March 14th. Finally, Benchmark lowered their price target on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, March 14th.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the sale, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 16,787 shares of company stock worth $665,044 in the last ninety days. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Institutional investors have recently bought and sold shares of the business. KBC Group NV lifted its stake in Semtech by 16.8% during the first quarter. KBC Group NV now owns 4,084 shares of the semiconductor company’s stock worth $140,000 after purchasing an additional 586 shares during the period. Archford Capital Strategies LLC bought a new position in Semtech in the first quarter valued at about $1,061,000. Assenagon Asset Management S.A. boosted its stake in shares of Semtech by 1,205.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 471,966 shares of the semiconductor company’s stock valued at $16,236,000 after purchasing an additional 435,814 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Semtech by 19.8% during the 1st quarter. Handelsbanken Fonder AB now owns 25,988 shares of the semiconductor company’s stock worth $894,000 after acquiring an additional 4,300 shares during the period. Finally, Harbor Capital Advisors Inc. raised its position in shares of Semtech by 188.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 266,836 shares of the semiconductor company’s stock valued at $9,179,000 after acquiring an additional 174,441 shares during the last quarter.

Semtech Stock Up 2.4 %

Shares of NASDAQ:SMTC opened at $30.03 on Wednesday. The company’s fifty day moving average is $33.20 and its two-hundred day moving average is $48.62. The company has a market cap of $2.60 billion, a P/E ratio of -2.30, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85. Semtech has a 12-month low of $24.05 and a 12-month high of $79.52.

Semtech (NASDAQ:SMTC) last issued its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same quarter in the prior year, the company earned ($0.06) EPS. Semtech’s revenue for the quarter was up 30.1% on a year-over-year basis. Equities research analysts anticipate that Semtech will post -0.02 earnings per share for the current year.

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.