Semtech (NASDAQ:SMTC) Stock Price Expected to Rise, Benchmark Analyst Says

Key Points

• Benchmark raised Semtech's price target from $68.00 to $76.00, indicating a potential upside of 25.37% from its current share price.
• Semtech has received multiple upgrades from various analysts, with an average rating of "Moderate Buy" and a consensus price target of $61.08.
• Recent insider selling included COO Asaf Silberstein and CFO Mark Lin, reducing their ownership stakes in the company.

Semtech (NASDAQ:SMTC - Free Report) had its target price hoisted by Benchmark from $68.00 to $76.00 in a report issued on Tuesday,Benzinga reports. Benchmark currently has a buy rating on the semiconductor company's stock.

Several other research analysts have also commented on the stock. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. Morgan Stanley set a $43.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. Northland Securities lifted their price objective on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a research note on Tuesday, August 26th. Needham & Company LLC lifted their price objective on shares of Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Finally, Piper Sandler lifted their price objective on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $61.08.

Semtech Trading Down 1.0%

NASDAQ SMTC traded down $0.61 during mid-day trading on Tuesday, hitting $60.30. The company's stock had a trading volume of 1,396,643 shares, compared to its average volume of 2,376,749. Semtech has a 52-week low of $24.05 and a 52-week high of $79.52. The stock's fifty day simple moving average is $52.69 and its two-hundred day simple moving average is $41.74. 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 firm has a market capitalization of $5.23 billion, a P/E ratio of 251.25 and a beta of 1.98.

Insiders Place Their Bets

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

Institutional Trading of Semtech

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Marex Group plc bought a new stake in shares of Semtech in the second quarter worth $203,000. State of Wyoming boosted its holdings in Semtech by 13.0% in the second quarter. State of Wyoming now owns 2,955 shares of the semiconductor company's stock worth $133,000 after purchasing an additional 339 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Semtech by 2.9% in the second 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 period. Public Sector Pension Investment Board boosted its holdings in Semtech by 8.4% in the second quarter. Public Sector Pension Investment Board now owns 295,324 shares of the semiconductor company's stock worth $13,331,000 after purchasing an additional 22,906 shares during the period. Finally, Evergreen Capital Management LLC acquired a new position in Semtech in the second quarter worth $206,000.

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.