Semtech’s (SMTC) Buy Rating Reaffirmed at Benchmark

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating reissued by Benchmark in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $68.00 price target on the semiconductor company’s stock. Benchmark’s price target would suggest a potential upside of 86.74% from the stock’s previous close.

Several other brokerages have also weighed in on SMTC. UBS Group cut their target price on Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Robert W. Baird decreased their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Morgan Stanley boosted their target price on Semtech from $30.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research note on Wednesday. Finally, Stifel Nicolaus raised their target price on Semtech from $35.00 to $42.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Semtech Stock Down 6.1%

Shares of SMTC stock traded down $2.37 on Wednesday, hitting $36.42. The stock had a trading volume of 2,058,309 shares, compared to its average volume of 2,161,952. The business has a 50 day moving average price of $33.09 and a 200 day moving average price of $47.26. The company has a market cap of $3.15 billion, a PE ratio of -2.80, a P/E/G ratio of 2.12 and a beta of 1.88. Semtech has a one year low of $24.05 and a one year high of $79.52.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.06) EPS. Equities research analysts expect that Semtech will post -0.02 EPS for the current year.

Insider Transactions at Semtech

In other news, CFO Mark Lin sold 2,907 shares of the business’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares in the company, valued at approximately $508,368.51. The trade was a 17.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Several large investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC boosted its stake in Semtech by 33.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 257 shares during the period. Quadrant Capital Group LLC raised its stake in Semtech by 27.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company’s stock worth $97,000 after buying an additional 337 shares in the last quarter. Hollencrest Capital Management bought a new position in Semtech in the fourth quarter worth about $31,000. Dunhill Financial LLC bought a new position in shares of Semtech during the fourth quarter valued at approximately $31,000. Finally, Versant Capital Management Inc grew its holdings in shares of Semtech by 58.5% during the first quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company’s stock valued at $52,000 after buying an additional 553 shares during the last quarter.

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.