Semtech Corp. (NASDAQ:SMTC)‘s stock had its “buy” rating reissued by Drexel Hamilton in a research note issued to investors on Thursday. They presently have a $35.00 price target on the stock, up from their prior price target of $32.00. Drexel Hamilton’s price target would suggest a potential upside of 20.27% from the stock’s previous close.
SMTC has been the subject of a number of other research reports. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Semtech Corp. in a research report on Monday, September 5th. Zacks Investment Research downgraded Semtech Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. B. Riley reiterated a “buy” rating and set a $35.00 price target on shares of Semtech Corp. in a research report on Sunday, September 4th. RBC Capital Markets lifted their price target on Semtech Corp. from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Thursday. Finally, Royal Bank Of Canada lifted their price target on Semtech Corp. from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Semtech Corp. presently has an average rating of “Buy” and a consensus target price of $30.25.
Shares of Semtech Corp. (NASDAQ:SMTC) traded up 3.56% during mid-day trading on Thursday, reaching $29.10. The company had a trading volume of 2,678,784 shares. The firm has a market capitalization of $1.91 billion, a PE ratio of 69.12 and a beta of 1.39. Semtech Corp. has a 12-month low of $15.70 and a 12-month high of $31.85. The stock has a 50 day moving average price of $25.74 and a 200 day moving average price of $25.17.
Semtech Corp. (NASDAQ:SMTC) last issued its quarterly earnings results on Wednesday, November 30th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.01. The firm earned $137.20 million during the quarter. Semtech Corp. had a return on equity of 8.89% and a net margin of 5.55%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS. On average, equities analysts forecast that Semtech Corp. will post $1.34 earnings per share for the current year.
In other news, VP Mark C. Costello sold 3,042 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $27.47, for a total transaction of $83,563.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Rockell N. Hankin sold 6,795 shares of the business’s stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $27.73, for a total value of $188,425.35. Following the transaction, the director now directly owns 166,735 shares in the company, valued at $4,623,561.55. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Japan Co. Ltd raised its stake in Semtech Corp. by 82.3% in the third quarter. BlackRock Japan Co. Ltd now owns 3,720 shares of the company’s stock valued at $103,000 after buying an additional 1,679 shares in the last quarter. Creative Planning raised its stake in Semtech Corp. by 0.4% in the second quarter. Creative Planning now owns 6,528 shares of the company’s stock valued at $156,000 after buying an additional 28 shares in the last quarter. PineBridge Investments L.P. raised its stake in Semtech Corp. by 4.4% in the second quarter. PineBridge Investments L.P. now owns 8,278 shares of the company’s stock valued at $198,000 after buying an additional 348 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Semtech Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,134 shares of the company’s stock valued at $218,000 after buying an additional 1,105 shares in the last quarter. Finally, Zacks Investment Management purchased a new stake in Semtech Corp. during the second quarter valued at $224,000. Institutional investors own 95.36% of the company’s stock.
About Semtech Corp.
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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