Semtech (NASDAQ:SMTC) Shares Cross Above 200 Day Moving Average - What's Next?

Key Points

• Semtech's share price has recently crossed above its 200-day moving average, currently trading at $61.98, with analysts showing confidence in the stock by issuing multiple upgrades and a target price increase.
• The stock has received numerous "buy" ratings from eleven research analysts and recently reported a market capitalization of $5.38 billion alongside a notable PE ratio of 258.25.
• In recent insider trading activities, Director Martin Burvill sold 3,500 shares at an average price of $62.75, leading to a 33.62% decrease in his stake in the company.

Semtech Corporation (NASDAQ:SMTC - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $44.04 and traded as high as $66.02. Semtech shares last traded at $61.98, with a volume of 1,508,334 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Needham & Company LLC increased their target price on shares of Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Craig Hallum increased their target price 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. Northland Securities increased their target price on shares of Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Benchmark increased their target price on shares of Semtech from $68.00 to $76.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Finally, Stifel Nicolaus increased their target price 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. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.08.

Semtech Price Performance

The stock has a market capitalization of $5.38 billion, a PE ratio of 258.25 and a beta of 1.98. The firm's 50 day simple moving average is $55.89 and its 200 day simple moving average is $44.04. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.53 and a quick ratio of 1.78.

Insider Transactions at Semtech

In related news, Director Martin Burvill sold 3,500 shares of the company's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $62.75, for a total value of $219,625.00. Following 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.48% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SMTC. Bessemer Group Inc. increased its stake in shares of Semtech by 78.4% during the second quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company's stock valued at $29,000 after buying an additional 287 shares during the period. Ameritas Advisory Services LLC purchased a new position in Semtech in the second quarter valued at about $33,000. Smartleaf Asset Management LLC grew its stake in Semtech by 33.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock valued at $36,000 after purchasing an additional 257 shares during the last quarter. NBC Securities Inc. grew its stake in Semtech by 104,700.0% in the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock valued at $36,000 after purchasing an additional 1,047 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in Semtech by 58.5% in the first quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock valued at $52,000 after purchasing an additional 553 shares during the last quarter.

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.

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