Semtech (NASDAQ:SMTC) Shares Up 7.3% – Here’s What Happened

Semtech Co. (NASDAQ:SMTC) shares traded up 7.3% during mid-day trading on Monday . The company traded as high as $40.19 and last traded at $40.63. 427,435 shares traded hands during trading, a decline of 80% from the average session volume of 2,119,632 shares. The stock had previously closed at $37.85.

Wall Street Analyst Weigh In

Several research firms have issued reports on SMTC. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target on shares of Semtech in a research note on Wednesday, May 28th. Stifel Nicolaus lifted their price objective on shares of Semtech from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Morgan Stanley set a $43.00 price objective on Semtech in a report on Wednesday, May 28th. Benchmark reaffirmed a “buy” rating and issued a $68.00 price target on shares of Semtech in a report on Wednesday, May 28th. Finally, Craig Hallum decreased their price objective on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $58.58.

Semtech Stock Up 0.7%

The company’s fifty day moving average is $33.42 and its two-hundred day moving average is $46.55. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of -3.25, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.06) EPS. On average, equities research analysts expect that Semtech Co. will post -0.02 EPS for the current year.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the business’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total transaction of $109,622.97. Following the transaction, the chief financial officer now directly owns 13,481 shares of the company’s stock, valued at approximately $508,368.51. The trade was a 17.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Semtech by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company’s stock worth $402,560,000 after buying an additional 159,770 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Semtech by 15.8% during the first quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company’s stock worth $221,737,000 after acquiring an additional 877,422 shares during the period. Hood River Capital Management LLC grew its position in shares of Semtech by 1.8% in the fourth quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company’s stock valued at $213,385,000 after purchasing an additional 59,743 shares during the last quarter. Whale Rock Capital Management LLC increased its stake in shares of Semtech by 364.2% during the fourth quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock worth $202,015,000 after purchasing an additional 2,562,602 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Semtech by 7.9% during the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company’s stock worth $79,575,000 after purchasing an additional 170,132 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.