Semtech (NASDAQ:SMTC) Coverage Initiated by Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage on Semtech with a buy rating and a price target of $75.00, indicating a potential upside of 4.97% from the previous close.
• Multiple analysts have also raised their price targets for Semtech, with a consensus average target of $63.50 and 14 analysts rating it as a buy.
• Semtech's stock has experienced significant fluctuations, with a one year low of $24.05 and a high of $79.52.

Stock analysts at TD Cowen began coverage on shares of Semtech (NASDAQ:SMTC - Get Free Report) in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $75.00 price target on the semiconductor company's stock. TD Cowen's price target indicates a potential upside of 4.97% from the company's previous close.

Several other research analysts have also issued reports on the stock. Craig Hallum increased their price target on shares of Semtech from $55.00 to $62.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Benchmark boosted their price target on Semtech from $68.00 to $76.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. Oppenheimer upgraded Semtech from a "market perform" rating to an "outperform" rating and set a $81.00 price objective for the company in a research note on Tuesday. Piper Sandler upped their target price on shares of Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Finally, Needham & Company LLC boosted their price target on shares of Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $63.50.

Semtech Stock Up 15.3%

Shares of SMTC stock opened at $71.45 on Wednesday. Semtech has a one year low of $24.05 and a one year high of $79.52. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.53 and a quick ratio of 1.78. The stock has a fifty day moving average price of $56.29 and a 200 day moving average price of $44.23. The stock has a market cap of $6.20 billion, a P/E ratio of 297.71 and a beta of 1.98.

Insiders Place Their Bets

In related news, Director Martin Burvill sold 3,500 shares of the business's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $62.75, for a total value of $219,625.00. Following the completion of the transaction, the director owned 6,909 shares in the company, valued at $433,539.75. The trade was a 33.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Semtech

Hedge funds have recently added to or reduced their stakes in the company. Archer Investment Corp raised its holdings in Semtech by 10.8% during the 2nd quarter. Archer Investment Corp now owns 2,050 shares of the semiconductor company's stock worth $93,000 after purchasing an additional 200 shares during the last quarter. Amalgamated Bank lifted its holdings in Semtech by 0.9% in the second quarter. Amalgamated Bank now owns 24,229 shares of the semiconductor company's stock valued at $1,094,000 after buying an additional 214 shares during the period. Smartleaf Asset Management LLC boosted its stake in Semtech by 24.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,274 shares of the semiconductor company's stock valued at $57,000 after acquiring an additional 247 shares during the last quarter. Bessemer Group Inc. raised its position in shares of 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. Finally, Geneos Wealth Management Inc. boosted its position in shares of Semtech by 2.9% in the 2nd quarter. Geneos Wealth Management Inc. now owns 11,253 shares of the semiconductor company's stock worth $508,000 after purchasing an additional 319 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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