Brokerages Set Semtech Co. (NASDAQ:SMTC) PT at $57.33

Semtech Co. (NASDAQ:SMTC - Get Free Report) has been given a consensus rating of "Moderate Buy" by the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $57.33.

SMTC has been the topic of several research reports. Benchmark reduced their price objective on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Morgan Stanley initiated coverage on Semtech in a report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 price target on the stock. Piper Sandler reissued an "overweight" rating and set a $55.00 price objective (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Robert W. Baird reduced their target price 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. Finally, Craig Hallum dropped their price target on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, March 14th.

Semtech Trading Down 0.3 %

Semtech stock traded down $0.10 during trading hours on Wednesday, reaching $29.93. 1,918,970 shares of the company were exchanged, compared to its average volume of 2,114,143. The stock has a 50-day moving average of $33.04 and a 200 day moving average of $48.61. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -2.29, a PEG ratio of 2.12 and a beta of 1.85. Semtech has a 12 month low of $24.05 and a 12 month high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. The company's quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) EPS. As a group, research analysts forecast that Semtech will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 10,890 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the sale, the chief financial officer now owns 11,625 shares of the company's stock, valued at $403,155. This represents a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 16,787 shares of company stock worth $665,044 over the last ninety days. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Semtech

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management acquired a new position in shares of Semtech during the fourth quarter worth about $31,000. Dunhill Financial LLC bought a new stake in Semtech in the 4th quarter valued at approximately $31,000. NBC Securities Inc. boosted its position in Semtech by 104,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock worth $36,000 after acquiring an additional 1,047 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 505 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Semtech in the fourth quarter valued at approximately $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.