Semtech (SMTC) Raised to “Hold” at BidaskClub

BidaskClub upgraded shares of Semtech (NASDAQ:SMTC) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

Several other research analysts have also weighed in on the company. Roth Capital set a $63.00 price objective on Semtech and gave the stock a buy rating in a research report on Monday, October 8th. ValuEngine raised Semtech from a buy rating to a strong-buy rating in a research report on Wednesday, September 12th. Needham & Company LLC lifted their price objective on Semtech from $55.00 to $60.00 and gave the stock a buy rating in a research report on Thursday, August 30th. Piper Jaffray Companies lifted their price objective on Semtech from $57.00 to $63.00 and gave the stock an overweight rating in a research report on Monday, September 10th. Finally, Oppenheimer lifted their price objective on Semtech from $58.00 to $65.00 and gave the stock an outperform rating in a research report on Thursday, August 30th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $59.55.

SMTC traded down $1.80 during midday trading on Friday, hitting $46.98. 836,183 shares of the company were exchanged, compared to its average volume of 433,272. The company has a market capitalization of $3.11 billion, a PE ratio of 33.56, a PEG ratio of 6.01 and a beta of 1.68. Semtech has a 1-year low of $31.30 and a 1-year high of $60.55. The company has a current ratio of 4.13, a quick ratio of 3.62 and a debt-to-equity ratio of 0.29.

Semtech (NASDAQ:SMTC) last announced its earnings results on Wednesday, August 29th. The semiconductor company reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The firm had revenue of $163.20 million for the quarter, compared to the consensus estimate of $161.21 million. Semtech had a return on equity of 12.66% and a net margin of 8.48%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. Equities research analysts predict that Semtech will post 1.56 EPS for the current fiscal year.

In related news, VP Mark C. Costello sold 1,063 shares of the business’s stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $58.27, for a total value of $61,941.01. Following the completion of the sale, the vice president now directly owns 6,813 shares of the company’s stock, valued at approximately $396,993.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Simon A. Brown sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $59.01, for a total value of $118,020.00. Following the completion of the sale, the vice president now directly owns 17,193 shares of the company’s stock, valued at $1,014,558.93. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,886 shares of company stock valued at $2,288,967. Corporate insiders own 2.30% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Amalgamated Bank increased its position in Semtech by 12.0% in the 2nd quarter. Amalgamated Bank now owns 10,549 shares of the semiconductor company’s stock valued at $496,000 after buying an additional 1,133 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Semtech by 1.9% during the 2nd quarter. Victory Capital Management Inc. now owns 64,019 shares of the semiconductor company’s stock worth $3,012,000 after purchasing an additional 1,197 shares in the last quarter. Piedmont Investment Advisors LLC increased its holdings in Semtech by 8.6% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 15,404 shares of the semiconductor company’s stock worth $725,000 after purchasing an additional 1,220 shares in the last quarter. Xact Kapitalforvaltning AB increased its holdings in Semtech by 16.3% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,988 shares of the semiconductor company’s stock worth $470,000 after purchasing an additional 1,400 shares in the last quarter. Finally, GSA Capital Partners LLP increased its holdings in Semtech by 33.5% during the 2nd quarter. GSA Capital Partners LLP now owns 6,856 shares of the semiconductor company’s stock worth $323,000 after purchasing an additional 1,721 shares in the last quarter. 97.85% of the stock is owned by institutional investors and hedge funds.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, communications, and high-end consumer applications; and a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications.

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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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