Semtech (NASDAQ:SMTC) Shares Gap Up to $22.27

Semtech Co. (NASDAQ:SMTC) gapped up before the market opened on Tuesday . The stock had previously closed at $22.27, but opened at $23.24. Semtech shares last traded at $23.97, with a volume of 305,028 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Robert W. Baird reaffirmed an “outperform” rating and set a $40.00 price objective on shares of Semtech in a research note on Tuesday. Needham & Company LLC reduced their price objective on Semtech from $35.00 to $26.00 and set a “buy” rating on the stock in a research note on Thursday, December 7th. Susquehanna raised their price objective on Semtech from $25.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, March 14th. Roth Mkm reduced their price objective on Semtech from $46.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday, December 7th. Finally, Stifel Nicolaus raised their price objective on Semtech from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.10.

Semtech Stock Performance

The company has a market capitalization of $1.79 billion, a PE ratio of -3.56, a price-to-earnings-growth ratio of 14.68 and a beta of 1.81. The business’s fifty day moving average is $21.48 and its two-hundred day moving average is $20.40. The company has a current ratio of 2.39, a quick ratio of 1.72 and a debt-to-equity ratio of 4.11.

Hedge Funds Weigh In On Semtech

Hedge funds have recently added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new position in Semtech in the 2nd quarter worth approximately $41,000. Captrust Financial Advisors grew its position in Semtech by 186.5% in the 1st quarter. Captrust Financial Advisors now owns 1,020 shares of the semiconductor company’s stock worth $71,000 after purchasing an additional 664 shares during the period. Point72 Hong Kong Ltd bought a new stake in Semtech in the 1st quarter worth approximately $84,000. Covestor Ltd grew its position in Semtech by 123.9% in the 1st quarter. Covestor Ltd now owns 1,397 shares of the semiconductor company’s stock worth $97,000 after purchasing an additional 773 shares during the period. Finally, Quarry LP bought a new stake in Semtech in the 1st quarter worth approximately $49,000.

About Semtech

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.