BidaskClub Lowers Semtech (NASDAQ:SMTC) to Hold

BidaskClub cut shares of Semtech (NASDAQ:SMTC) from a buy rating to a hold rating in a report issued on Saturday, BidAskClub reports.

SMTC has been the topic of a number of other research reports. Cowen decreased their price target on shares of Semtech from $56.00 to $54.00 and set an outperform rating on the stock in a research note on Monday, September 9th. Wells Fargo & Co restated an outperformer rating and set a $60.00 target price (down previously from $65.00) on shares of Semtech in a research report on Thursday, August 29th. B. Riley decreased their target price on shares of Semtech from $60.00 to $55.00 and set a buy rating on the stock in a research report on Thursday, August 29th. Piper Jaffray Companies increased their target price on shares of Semtech from $50.00 to $55.00 and gave the stock an overweight rating in a research report on Thursday, September 26th. Finally, Robert W. Baird set a $45.00 target price on shares of Semtech and gave the stock a buy rating in a research report on Monday, August 26th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $49.17.

SMTC traded up $0.08 on Friday, reaching $50.78. The company had a trading volume of 340,610 shares, compared to its average volume of 562,181. Semtech has a fifty-two week low of $39.54 and a fifty-two week high of $57.96. The stock has a market cap of $3.49 billion, a P/E ratio of 38.18, a P/E/G ratio of 4.13 and a beta of 1.93. The company’s fifty day moving average is $50.65 and its 200 day moving average is $47.79. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.42 and a current ratio of 4.10.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Wednesday, August 28th. The semiconductor company reported $0.25 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.03. Semtech had a net margin of 7.34% and a return on equity of 12.91%. The business had revenue of $137.10 million for the quarter, compared to analyst estimates of $134.85 million. During the same quarter in the prior year, the business earned $0.55 EPS. Semtech’s quarterly revenue was down 16.0% on a year-over-year basis. On average, sell-side analysts expect that Semtech will post 1.06 EPS for the current year.

In other news, Director Sylvia Summers sold 6,487 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $46.31, for a total transaction of $300,412.97. Following the completion of the sale, the director now owns 20,000 shares of the company’s stock, valued at approximately $926,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Mark C. Costello sold 8,951 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $46.80, for a total transaction of $418,906.80. Following the sale, the vice president now directly owns 3,090 shares of the company’s stock, valued at approximately $144,612. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,717 shares of company stock worth $1,262,791. Company insiders own 1.96% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Kornitzer Capital Management Inc. KS lifted its holdings in shares of Semtech by 46.2% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 141,128 shares of the semiconductor company’s stock worth $6,860,000 after acquiring an additional 44,615 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Semtech by 47.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 36,574 shares of the semiconductor company’s stock worth $1,779,000 after acquiring an additional 11,704 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Semtech by 49.3% during the 3rd quarter. California Public Employees Retirement System now owns 152,660 shares of the semiconductor company’s stock worth $7,421,000 after acquiring an additional 50,418 shares during the period. Retirement Systems of Alabama lifted its holdings in shares of Semtech by 28.8% during the 3rd quarter. Retirement Systems of Alabama now owns 333,983 shares of the semiconductor company’s stock worth $16,235,000 after acquiring an additional 74,759 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Semtech by 6.0% during the 3rd quarter. Fisher Asset Management LLC now owns 1,613,017 shares of the semiconductor company’s stock worth $78,409,000 after acquiring an additional 90,714 shares during the period. 97.36% of the stock is owned by institutional investors.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications 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.

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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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