Semtech’s (SMTC) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Semtech (NASDAQ:SMTC) in a report published on Monday,Benzinga reports. The firm currently has a $55.00 price target on the semiconductor company’s stock, down from their previous price target of $75.00.

Several other brokerages also recently commented on SMTC. B. Riley increased their target price on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Benchmark increased their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Craig Hallum increased their target price on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Stifel Nicolaus increased their target price on Semtech from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Roth Mkm raised their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.91.

Semtech Stock Down 4.0 %

Semtech stock opened at $36.65 on Monday. The company has a market capitalization of $2.77 billion, a P/E ratio of -2.81, a PEG ratio of 2.98 and a beta of 1.64. The stock’s 50 day moving average is $64.12 and its 200 day moving average is $50.75. Semtech has a twelve month low of $19.12 and a twelve month high of $79.52.

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

Insider Buying and Selling

In related news, CFO Mark Lin sold 2,990 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total value of $177,755.50. Following the transaction, the chief financial officer now directly owns 5,446 shares of the company’s stock, valued at approximately $323,764.70. This trade represents a 35.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction 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 approximately $1,050. This represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,747 shares of company stock valued at $1,095,061. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Semtech

A number of institutional investors and hedge funds have recently bought and sold shares of SMTC. Creative Planning raised its holdings in Semtech by 3.4% during the second quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock valued at $538,000 after acquiring an additional 588 shares during the period. Truist Financial Corp bought a new stake in Semtech during the second quarter valued at about $340,000. GAMMA Investing LLC raised its holdings in Semtech by 76.0% during the third quarter. GAMMA Investing LLC now owns 2,745 shares of the semiconductor company’s stock valued at $125,000 after acquiring an additional 1,185 shares during the period. CWM LLC raised its holdings in Semtech by 33.9% during the third quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock valued at $147,000 after acquiring an additional 818 shares during the period. Finally, NBC Securities Inc. raised its holdings in Semtech by 115.8% during the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 739 shares during the period.

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.