Semtech (NASDAQ:SMTC) Trading 5% Higher – What’s Next?

Semtech Corporation (NASDAQ:SMTC) traded up 5% during mid-day trading on Wednesday . The company traded as high as $41.95 and last traded at $42.26. 258,079 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 2,109,789 shares. The stock had previously closed at $40.23.

Analysts Set New Price Targets

SMTC has been the topic of a number of recent analyst reports. Craig Hallum cut their price target on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Morgan Stanley set a $43.00 price target on Semtech in a report on Wednesday, May 28th. UBS Group cut their price target on Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Benchmark reaffirmed a “buy” rating and set a $68.00 price target on shares of Semtech in a report on Wednesday, May 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $54.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $58.58.

Semtech Stock Performance

The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95. The stock has a market cap of $3.63 billion, a price-to-earnings ratio of -20.34 and a beta of 1.88. The company’s 50-day simple moving average is $35.28 and its 200-day simple moving average is $45.65.

Insider Activity

In other news, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction on Thursday, March 27th. The shares were 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 $508,368.51. This trade represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Semtech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new stake in Semtech in the 4th quarter valued at $31,000. Dunhill Financial LLC acquired a new stake in Semtech in the 4th quarter valued at $31,000. Smartleaf Asset Management LLC increased its stake in Semtech by 190.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 505 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Semtech in the 4th quarter valued at $52,000. Finally, NBC Securities Inc. increased its stake in Semtech by 104,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 1,047 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.