Semtech (NASDAQ:SMTC) Stock Rating Lowered by Needham & Company LLC

Semtech (NASDAQ:SMTCGet Rating) was downgraded by research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research report issued on Wednesday, MarketBeat reports.

A number of other brokerages also recently issued reports on SMTC. Benchmark restated an “initiates” rating on shares of Semtech in a research report on Thursday, July 28th. Susquehanna lowered their price target on Semtech from $75.00 to $72.00 and set a “hold” rating for the company in a research report on Wednesday, June 1st. Oppenheimer lowered their price target on Semtech from $100.00 to $85.00 in a research report on Thursday, May 26th. Susquehanna Bancshares lowered their price target on Semtech from $75.00 to $72.00 and set a “neutral” rating for the company in a research report on Wednesday, June 1st. Finally, B. Riley lowered Semtech from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $87.00 to $65.00 in a research note on Wednesday, June 15th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $78.64.

Semtech Stock Up 0.2 %

NASDAQ SMTC opened at $56.21 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.52 and a current ratio of 4.49. The company has a market capitalization of $3.57 billion, a P/E ratio of 26.14, a P/E/G ratio of 1.34 and a beta of 1.53. Semtech has a one year low of $49.91 and a one year high of $94.92. The stock has a 50 day moving average price of $57.20 and a 200-day moving average price of $62.97.

Semtech (NASDAQ:SMTCGet Rating) last issued its quarterly earnings results on Wednesday, June 1st. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. The company had revenue of $202.10 million during the quarter, compared to the consensus estimate of $199.98 million. Semtech had a return on equity of 20.24% and a net margin of 18.15%. Semtech’s revenue was up 18.6% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. As a group, equities analysts predict that Semtech will post 2.75 EPS for the current fiscal year.

Insider Activity

In other news, EVP Asaf Silberstein sold 1,971 shares of the firm’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $62.60, for a total transaction of $123,384.60. Following the transaction, the executive vice president now owns 59,000 shares in the company, valued at $3,693,400. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMTC. Assenagon Asset Management S.A. boosted its holdings in Semtech by 1,055.0% in the first quarter. Assenagon Asset Management S.A. now owns 558,682 shares of the semiconductor company’s stock worth $38,739,000 after acquiring an additional 510,313 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Semtech by 77.6% in the first quarter. Goldman Sachs Group Inc. now owns 834,381 shares of the semiconductor company’s stock worth $57,856,000 after acquiring an additional 364,497 shares in the last quarter. BlackRock Inc. boosted its holdings in Semtech by 3.7% in the first quarter. BlackRock Inc. now owns 7,160,578 shares of the semiconductor company’s stock worth $496,515,000 after acquiring an additional 257,224 shares in the last quarter. Kornitzer Capital Management Inc. KS acquired a new stake in shares of Semtech during the second quarter worth about $13,256,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Semtech by 236.9% during the first quarter. Renaissance Technologies LLC now owns 333,916 shares of the semiconductor company’s stock worth $23,154,000 after purchasing an additional 234,800 shares during the period. Hedge funds and other institutional investors own 96.33% of the company’s stock.

Semtech Company Profile

(Get Rating)

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.

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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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