Semtech Corporation (SMTC) Receives $43.33 Average Target Price from Analysts

Semtech Corporation (NASDAQ:SMTC) has received an average rating of “Buy” from the ten analysts that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $43.33.

Several analysts recently weighed in on the company. B. Riley reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Semtech Corporation in a research note on Friday, March 31st. Robert W. Baird reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of Semtech Corporation in a research note on Tuesday. DA Davidson raised their price objective on Semtech Corporation from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Thursday, March 9th. Drexel Hamilton reaffirmed a “buy” rating and issued a $42.00 price objective (up from $35.00) on shares of Semtech Corporation in a research note on Thursday, March 9th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $42.00 price objective (up from $36.00) on shares of Semtech Corporation in a research report on Monday, March 13th.

In other news, insider Gary Beauchamp sold 30,899 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $35.52, for a total transaction of $1,097,532.48. Following the completion of the sale, the insider now owns 30,899 shares in the company, valued at $1,097,532.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charles B. Ammann sold 14,286 shares of Semtech Corporation stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $34.20, for a total value of $488,581.20. Following the transaction, the insider now directly owns 12,655 shares in the company, valued at approximately $432,801. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,545 shares of company stock valued at $2,361,638. Corporate insiders own 2.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. SECOR Capital Advisors LP acquired a new position in Semtech Corporation during the third quarter valued at $2,000,000. Highbridge Capital Management LLC acquired a new position in Semtech Corporation during the third quarter valued at $2,120,000. Penn Capital Management Co. Inc. acquired a new position in Semtech Corporation during the third quarter valued at $7,144,000. Russell Investments Group Ltd. acquired a new position in Semtech Corporation during the fourth quarter valued at $551,000. Finally, Comerica Bank boosted its position in Semtech Corporation by 5.6% in the fourth quarter. Comerica Bank now owns 70,116 shares of the semiconductor company’s stock valued at $2,307,000 after buying an additional 3,725 shares in the last quarter. 93.97% of the stock is currently owned by institutional investors and hedge funds.

Semtech Corporation (SMTC) remained flat at $35.70 on Tuesday. The stock had a trading volume of 978,061 shares. The company’s 50-day moving average price is $35.76 and its 200 day moving average price is $33.74. The firm has a market cap of $2.35 billion, a PE ratio of 39.76 and a beta of 1.39. Semtech Corporation has a one year low of $21.35 and a one year high of $38.40.

Semtech Corporation (NASDAQ:SMTC) last released its earnings results on Wednesday, May 31st. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03. The company had revenue of $149.10 million for the quarter, compared to analyst estimates of $145.60 million. Semtech Corporation had a return on equity of 12.16% and a net margin of 10.70%. Semtech Corporation’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. Analysts predict that Semtech Corporation will post $1.85 earnings per share for the current year.

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About Semtech Corporation

Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.

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