Needham & Company LLC Reiterates Buy Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $54.00 target price on the semiconductor company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 36.36% from the stock’s current price.

A number of other analysts also recently weighed in on the company. Robert W. Baird decreased their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Benchmark dropped their price target on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday. Northland Securities raised their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. B. Riley lifted their price objective on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, UBS Group initiated coverage on shares of Semtech in a research note on Friday, January 17th. They set a “buy” rating and a $85.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $61.55.

Semtech Stock Up 21.1 %

NASDAQ SMTC opened at $39.60 on Friday. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -3.03, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69. Semtech has a twelve month low of $21.56 and a twelve month high of $79.52. The business’s fifty day moving average is $51.73 and its 200 day moving average is $51.23.

Semtech (NASDAQ:SMTC) last issued 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. Semtech’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) EPS. On average, research analysts anticipate that Semtech will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Mark Lin sold 6,114 shares of Semtech stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the completion of the transaction, the chief financial officer now directly owns 3,531 shares in the company, valued at approximately $232,127.94. The trade was a 63.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the sale, the senior vice president now owns 14 shares in the company, valued at approximately $1,050. This represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,637 shares of company stock valued at $1,472,726 in the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hollencrest Capital Management purchased a new position in Semtech during the fourth quarter valued at approximately $31,000. Dunhill Financial LLC bought a new position in Semtech in the 4th quarter valued at $31,000. Huntington National Bank grew its position in shares of Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after buying an additional 505 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in Semtech during the fourth quarter valued at $52,000.

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.