Semtech (NASDAQ:SMTC) Stock Price Expected to Rise, Piper Sandler Analyst Says

Semtech (NASDAQ:SMTC) had its price target upped by Piper Sandler from $55.00 to $65.00 in a research report released on Tuesday, MarketBeat reports. Piper Sandler currently has an overweight rating on the semiconductor company’s stock.

SMTC has been the topic of a number of other research reports. Benchmark restated a “buy” rating and set a $68.00 price target on shares of Semtech in a report on Tuesday. Stifel Nicolaus boosted their price target on Semtech from $45.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Needham & Company LLC boosted their price target on Semtech from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. UBS Group dropped their price target on Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Finally, Morgan Stanley set a $43.00 price target on Semtech in a research report on Wednesday, May 28th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and an average price target of $60.42.

Semtech Trading Up 4.2%

Shares of SMTC stock opened at $60.56 on Tuesday. The firm has a market cap of $5.25 billion, a P/E ratio of 252.33 and a beta of 1.94. The business has a 50-day moving average price of $49.53 and a two-hundred day moving average price of $40.20. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. Semtech has a 12-month low of $24.05 and a 12-month high of $79.52.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Tuesday, May 27th. The semiconductor company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.21 by $0.10. The firm had revenue of $251.10 million for the quarter, compared to the consensus estimate of $249.79 million. Semtech had a return on equity of 18.28% and a net margin of 2.38%.The company’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.06 earnings per share. Equities analysts anticipate that Semtech will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 999 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total transaction of $43,796.16. Following the transaction, the chief financial officer directly owned 17,211 shares of the company’s stock, valued at $754,530.24. This represents a 5.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total value of $85,960.00. Following the transaction, the chief operating officer directly owned 105,996 shares in the company, valued at $4,555,708.08. The trade was a 1.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Semtech

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Semtech by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company’s stock worth $402,560,000 after purchasing an additional 159,770 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Semtech by 10.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock worth $321,040,000 after purchasing an additional 666,456 shares in the last quarter. State Street Corp increased its stake in shares of Semtech by 1.5% in the 2nd quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company’s stock worth $182,235,000 after purchasing an additional 60,788 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Semtech by 9.8% in the 2nd quarter. Alliancebernstein L.P. now owns 3,318,384 shares of the semiconductor company’s stock worth $149,792,000 after purchasing an additional 294,990 shares in the last quarter. Finally, Whale Rock Capital Management LLC increased its stake in shares of Semtech by 364.2% in the 4th 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 in the last quarter.

Semtech Company Profile

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.