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

Piper Sandler restated their overweight rating on shares of Semtech (NASDAQ:SMTC) in a research note published on Monday morning,Benzinga reports. They currently have a $55.00 price objective on the semiconductor company’s stock, down from their prior price objective of $75.00.

Several other brokerages have also recently commented on SMTC. Needham & Company LLC decreased their price objective on shares of Semtech from $74.00 to $54.00 and set a “buy” rating for the company in a research note on Monday. B. Riley boosted their target price on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Susquehanna increased their price target on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Roth Mkm boosted their price objective on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Northland Securities raised their target price on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Semtech has a consensus rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Price Performance

Shares of SMTC opened at $37.60 on Monday. The company’s fifty day moving average price is $65.34 and its 200-day moving average price is $50.80. Semtech has a 1-year low of $19.12 and a 1-year high of $79.52. The firm has a market capitalization of $2.85 billion, a PE ratio of -2.88, a price-to-earnings-growth ratio of 2.98 and a beta of 1.64.

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

Insider Activity

In other Semtech news, CFO Mark Lin sold 2,990 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total transaction of $177,755.50. Following the completion of the sale, the chief financial officer now directly owns 5,446 shares in the company, valued at approximately $323,764.70. The trade was a 35.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Imran Sherazi sold 2,946 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $63.30, for a total transaction of $186,481.80. Following the completion of the sale, the senior vice president now owns 6,317 shares of the company’s stock, valued at $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,747 shares of company stock worth $1,095,061 in the last quarter. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Semtech

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Whale Rock Capital Management LLC acquired a new position in Semtech in the third quarter valued at about $32,126,000. Victory Capital Management Inc. grew its holdings in Semtech by 130.7% during the 3rd quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock worth $37,633,000 after acquiring an additional 466,868 shares in the last quarter. Burkehill Global Management LP purchased a new position in Semtech in the fourth quarter valued at $18,555,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Semtech by 198.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 414,801 shares of the semiconductor company’s stock valued at $18,940,000 after acquiring an additional 275,717 shares during the last quarter. Finally, WCM Investment Management LLC acquired a new stake in Semtech during the fourth quarter worth approximately $15,180,000.

About Semtech

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.