Morgan Stanley Forecasts Strong Price Appreciation for Semtech (NASDAQ:SMTC) Stock

Semtech (NASDAQ:SMTC - Free Report) had its price target upped by Morgan Stanley from $30.00 to $40.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the semiconductor company's stock.

SMTC has been the subject of several other research reports. UBS Group cut their price target on Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Robert W. Baird cut their target price on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. Benchmark lowered their price target on shares of Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Craig Hallum dropped their price target on shares of Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price objective on shares of Semtech in a report on Friday, March 14th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.58.

Semtech Stock Down 3.4%

NASDAQ SMTC traded down $1.25 during trading hours on Tuesday, reaching $35.76. 2,377,492 shares of the company were exchanged, compared to its average volume of 2,181,937. The stock has a market capitalization of $3.10 billion, a P/E ratio of -2.74, a P/E/G ratio of 2.12 and a beta of 1.88. Semtech has a 1 year low of $24.05 and a 1 year high of $79.52. The business's 50 day simple moving average is $32.95 and its 200-day simple moving average is $47.08.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analysts' expectations of $249.40 million. During the same quarter in the previous year, the business earned ($0.06) EPS. The company's revenue for the quarter was up 30.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Semtech will post -0.02 earnings per share for the current year.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 10,890 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now directly owns 11,625 shares of the company's stock, valued at approximately $403,155. This trade represents a 48.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Semtech

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Semtech by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company's stock worth $402,560,000 after purchasing an additional 159,770 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Semtech by 15.8% in the 1st quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company's stock valued at $221,737,000 after acquiring an additional 877,422 shares during the last quarter. Hood River Capital Management LLC boosted its holdings in Semtech by 1.8% during the 4th quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company's stock valued at $213,385,000 after acquiring an additional 59,743 shares during the period. Whale Rock Capital Management LLC grew its position in Semtech by 364.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company's stock worth $202,015,000 after acquiring an additional 2,562,602 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Semtech by 7.9% in the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company's stock worth $79,575,000 after purchasing an additional 170,132 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.