Semtech (NASDAQ:SMTC) Earns Equal Weight Rating from Analysts at Morgan Stanley

Analysts at Morgan Stanley started coverage on shares of Semtech (NASDAQ:SMTC) in a note issued to investors on Monday, MarketBeat reports. The brokerage set an “equal weight” rating and a $30.00 price target on the semiconductor company’s stock. Morgan Stanley’s target price would indicate a potential upside of 16.01% from the company’s current price.

SMTC has been the subject of a number of other research reports. Craig Hallum lowered their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 target price (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Stifel Nicolaus reduced their price target on shares of Semtech from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Benchmark decreased their price objective on shares of Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, Robert W. Baird cut their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Semtech presently has an average rating of “Moderate Buy” and an average target price of $58.92.

Semtech Stock Performance

Shares of SMTC stock opened at $25.86 on Monday. The stock’s 50-day simple moving average is $39.70 and its 200-day simple moving average is $50.35. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -1.98, a PEG ratio of 2.12 and a beta of 1.85. Semtech has a fifty-two week low of $24.72 and a fifty-two week high of $79.52.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.06) EPS. As a group, equities analysts forecast that Semtech will post -0.02 earnings per share for the current year.

Insider Buying and Selling at Semtech

In related news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the chief operating officer now owns 76,417 shares of the company’s stock, valued at approximately $5,349,190. This trade represents a 2.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Imran Sherazi sold 1,338 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the transaction, the senior vice president now owns 14 shares of the company’s stock, valued at $1,050. This represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,125 shares of company stock valued at $905,394. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Semtech

Institutional investors have recently modified their holdings of the stock. Whale Rock Capital Management LLC lifted its stake in 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 valued at $202,015,000 after buying an additional 2,562,602 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Semtech by 827.0% in the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock valued at $132,550,000 after acquiring an additional 1,911,890 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Semtech by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock valued at $713,906,000 after acquiring an additional 1,326,226 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of Semtech during the fourth quarter worth approximately $51,315,000. Finally, Fred Alger Management LLC raised its stake in Semtech by 122.6% in the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock valued at $92,271,000 after purchasing an additional 821,671 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.