Piper Sandler Reaffirms Overweight Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “overweight” rating reissued by investment analysts at Piper Sandler in a research note issued to investors on Monday,Benzinga reports. They presently have a $55.00 target price on the semiconductor company’s stock, down from their prior target price of $75.00. Piper Sandler’s target price would indicate a potential upside of 50.20% from the stock’s previous close.

A number of other research firms have also issued reports on SMTC. Robert W. Baird lowered their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday. Northland Securities lifted their price target on Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. UBS Group assumed coverage on Semtech in a report on Friday, January 17th. They set a “buy” rating and a $85.00 price target for the company. B. Riley raised their price objective on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Susquehanna raised their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.36.

Semtech Stock Down 32.8 %

Shares of Semtech stock traded down $17.89 on Monday, hitting $36.62. 5,883,857 shares of the company’s stock traded hands, compared to its average volume of 2,268,454. The stock has a market cap of $2.77 billion, a P/E ratio of -2.81, a PEG ratio of 2.98 and a beta of 1.64. The firm’s 50-day moving average is $65.85 and its 200 day moving average is $50.74. Semtech has a 52-week low of $19.12 and a 52-week high of $79.52.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. Semtech’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period last year, the business posted $0.02 earnings per share.

Insider Activity at Semtech

In other Semtech news, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the transaction, the senior vice president now directly owns 14 shares in the company, valued at $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Lin sold 6,114 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the completion of the sale, the chief financial officer now directly owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. The trade was a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,747 shares of company stock worth $1,095,061. 0.60% of the stock is owned by insiders.

Institutional Trading of Semtech

A number of hedge funds have recently made changes to their positions in SMTC. Mutual of America Capital Management LLC lifted its holdings in Semtech by 6.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock worth $515,000 after purchasing an additional 673 shares during the last quarter. Moody National Bank Trust Division lifted its holdings in Semtech by 148.6% during the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after purchasing an additional 12,296 shares during the last quarter. Intech Investment Management LLC lifted its holdings in Semtech by 128.3% during the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock worth $1,394,000 after purchasing an additional 17,150 shares during the last quarter. Natixis Advisors LLC raised its holdings in Semtech by 100.2% in the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock valued at $1,626,000 after acquiring an additional 17,823 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in Semtech by 135.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock valued at $1,943,000 after acquiring an additional 24,517 shares in the last quarter.

Semtech Company Profile

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.