Semtech (NASDAQ:SMTC) Coverage Initiated at UBS Group

UBS Group initiated coverage on shares of Semtech (NASDAQ:SMTC) in a research report report published on Friday, MarketBeat.com reports. The brokerage issued a buy rating and a $85.00 target price on the semiconductor company’s stock.

Other research analysts have also recently issued research reports about the stock. Piper Sandler restated an “overweight” rating and issued a $75.00 target price (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. B. Riley increased their price objective on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Roth Mkm lifted their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Susquehanna boosted their price target on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Finally, Benchmark raised their price target on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.09.

Semtech Trading Up 8.8 %

Shares of Semtech stock opened at $75.00 on Friday. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of -5.75 and a beta of 1.65. Semtech has a twelve month low of $18.72 and a twelve month high of $75.75. The business’s 50 day simple moving average is $61.68 and its 200-day simple moving average is $47.07.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. During the same period last year, the company earned $0.02 earnings per share. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis.

Insider Buying and Selling at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief operating officer now owns 76,417 shares in the company, valued at approximately $5,349,190. This represents a 2.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares in the company, valued at $399,866.10. The trade was a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,419 shares of company stock valued at $816,955. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SMTC. Millennium Management LLC raised its holdings in shares of Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after acquiring an additional 765,877 shares during the period. Disciplined Growth Investors Inc. MN grew its position in Semtech by 4.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after purchasing an additional 114,999 shares in the last quarter. Geode Capital Management LLC raised its stake in Semtech by 8.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock valued at $73,883,000 after purchasing an additional 119,572 shares during the period. Driehaus Capital Management LLC purchased a new stake in shares of Semtech in the second quarter valued at $43,395,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Semtech by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock worth $48,303,000 after buying an additional 100,410 shares during the period.

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.