Piper Sandler Issues Positive Forecast for Semtech (NASDAQ:SMTC) Stock Price

Key Points

• Piper Sandler has raised its target price for Semtech (NASDAQ:SMTC) from $55.00 to $65.00, indicating a potential upside of 13.10% from its previous close.
• Semtech's stock recently traded at $57.47, reflecting a 12.7% increase, amidst strong investor interest with a consensus rating of "Moderate Buy".
• The semiconductor company reported a 21.8% increase in revenue year-over-year and has a current quarter EPS of $0.31, exceeding analysts' expectations.

Semtech (NASDAQ:SMTC - Get Free Report) had its target price upped by equities researchers at Piper Sandler from $55.00 to $65.00 in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has an "overweight" rating on the semiconductor company's stock. Piper Sandler's price target points to a potential upside of 13.10% from the company's previous close.

Several other equities analysts have also commented on SMTC. Stifel Nicolaus upped their price target on shares of Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Morgan Stanley set a $43.00 price target on shares of Semtech in a research report on Wednesday, May 28th. Needham & Company LLC upped their price target on shares of Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday. UBS Group dropped their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, Benchmark reissued a "buy" rating and issued a $68.00 price objective on shares of Semtech in a research report on Tuesday. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Semtech has a consensus rating of "Moderate Buy" and a consensus price target of $60.92.

Semtech Trading Up 12.7%

SMTC stock traded up $6.4720 on Tuesday, hitting $57.4720. 1,262,738 shares of the company were exchanged, compared to its average volume of 2,393,579. Semtech has a twelve month low of $24.05 and a twelve month high of $79.52. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.53 and a quick ratio of 1.81. The business's fifty day moving average is $48.46 and its two-hundred day moving average is $39.78. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of -27.73 and a beta of 1.94.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.21 by $0.10. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. The firm had revenue of $251.10 million during the quarter, compared to analyst estimates of $249.79 million. During the same quarter in the prior year, the business posted $0.06 earnings per share. Semtech's revenue for the quarter was up 21.8% compared to the same quarter last year. As a group, research analysts forecast that Semtech will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total transaction of $85,960.00. Following the transaction, the chief operating officer directly owned 105,996 shares in the company, valued at $4,555,708.08. This represents a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Lin sold 999 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total transaction of $43,796.16. Following the transaction, the chief financial officer owned 17,211 shares in the company, valued at $754,530.24. This trade represents a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Dunhill Financial LLC bought a new position in Semtech during the 4th quarter valued at $31,000. Bessemer Group Inc. boosted its stake in Semtech by 78.4% during the 2nd quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 287 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in Semtech during the 2nd quarter valued at $33,000. Smartleaf Asset Management LLC lifted its position in shares of Semtech by 33.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock worth $36,000 after buying an additional 257 shares during the last quarter. Finally, NBC Securities Inc. lifted its position in shares of Semtech by 104,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock worth $36,000 after buying an additional 1,047 shares during the last quarter.

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.

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