Semtech’s (SMTC) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Semtech (NASDAQ:SMTCFree Report) in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a $54.00 target price on the semiconductor company’s stock.

SMTC has been the subject of a number of other research reports. Stifel Nicolaus increased their target price on Semtech from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Benchmark reduced their target price on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Craig Hallum dropped their target price on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Robert W. Baird dropped 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. Finally, Piper Sandler reissued an “overweight” rating and set a $55.00 price target (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.33.

Check Out Our Latest Research Report on SMTC

Semtech Price Performance

Shares of NASDAQ:SMTC opened at $37.01 on Wednesday. The firm has a market capitalization of $3.21 billion, a PE ratio of -2.84, a P/E/G ratio of 2.12 and a beta of 1.88. The business has a 50-day moving average of $33.04 and a two-hundred day moving average of $47.19. Semtech has a 12 month low of $24.05 and a 12 month high of $79.52.

Semtech (NASDAQ:SMTCGet Free Report) last announced its quarterly earnings results 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 analyst estimates of $249.40 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. The business’s revenue was up 30.1% compared to the same quarter last year. As a group, research analysts anticipate that Semtech will post -0.02 earnings per share for the current year.

Insider Activity at Semtech

In other Semtech news, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $37.71, for a total transaction of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares of the company’s stock, valued at $508,368.51. The trade was a 17.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently bought and sold shares of SMTC. Vanguard Group Inc. grew its stake in shares of Semtech by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company’s stock valued at $402,560,000 after buying an additional 159,770 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Semtech by 15.8% during the first quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company’s stock worth $221,737,000 after buying an additional 877,422 shares during the last quarter. Hood River Capital Management LLC raised its stake in shares of Semtech by 1.8% in the fourth quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company’s stock valued at $213,385,000 after purchasing an additional 59,743 shares in the last quarter. Whale Rock Capital Management LLC raised its stake in shares of Semtech by 364.2% in the fourth quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock valued at $202,015,000 after purchasing an additional 2,562,602 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Semtech by 7.9% in the first quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company’s stock valued at $79,575,000 after purchasing an additional 170,132 shares in the last quarter.

Semtech Company Profile

(Get Free Report)

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.

Read More

Analyst Recommendations for Semtech (NASDAQ:SMTC)

Receive News & Ratings for Semtech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Semtech and related companies with MarketBeat.com's FREE daily email newsletter.