Semtech (NASDAQ:SMTC) Price Target Raised to $40.00

Semtech (NASDAQ:SMTC) had its price target increased by Morgan Stanley from $30.00 to $40.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective suggests a potential upside of 8.08% from the stock’s current price.

SMTC has been the topic of a number of other reports. Benchmark reduced their price target on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Robert W. Baird reduced their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Craig Hallum decreased their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price target on shares of Semtech in a report on Friday, March 14th. Finally, Stifel Nicolaus upped their price objective on shares of Semtech from $35.00 to $42.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Semtech Price Performance

Shares of SMTC stock opened at $37.01 on Tuesday. The company has a market cap of $3.21 billion, a P/E ratio of -2.84, a PEG ratio of 2.12 and a beta of 1.88. The stock’s 50-day moving average is $33.04 and its 200 day moving average is $47.19. Semtech has a 1-year low of $24.05 and a 1-year high of $79.52.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same quarter last year, the firm earned ($0.06) EPS. The company’s revenue was up 30.1% compared to the same quarter last year. On average, analysts anticipate that Semtech will post -0.02 EPS for the current year.

Insider Transactions at Semtech

In other Semtech news, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the sale, the chief financial officer now directly owns 13,481 shares in the company, valued at approximately $508,368.51. The trade was a 17.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SMTC. Strs Ohio acquired a new position in Semtech during the first quarter valued at $65,000. Geneos Wealth Management Inc. purchased a new position in shares of Semtech during the 1st quarter valued at about $376,000. Intech Investment Management LLC lifted its holdings in shares of Semtech by 72.6% in the 1st quarter. Intech Investment Management LLC now owns 68,497 shares of the semiconductor company’s stock valued at $2,356,000 after buying an additional 28,812 shares during the period. Bayforest Capital Ltd boosted its stake in shares of Semtech by 149.7% in the first quarter. Bayforest Capital Ltd now owns 12,613 shares of the semiconductor company’s stock worth $434,000 after buying an additional 7,562 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Semtech by 5.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 411,814 shares of the semiconductor company’s stock worth $14,166,000 after acquiring an additional 22,629 shares during the period.

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.