Semtech (NASDAQ:SMTC) Shares Gap Up - Still a Buy?

Key Points

• Shares of Semtech Corporation gapped up from $61.98 to $66.39 during trading, reflecting an increased interest with a last traded price of $65.54 and a volume of 382,151 shares.
• Many analysts have upgraded their price targets for Semtech, with a consensus rating of "Moderate Buy" and an average price target of $62.62.
• Insider trading shows that Director Martin Burvill sold 3,500 shares, representing a 33.62% decrease in his position in the company.

Shares of Semtech Corporation (NASDAQ:SMTC - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $61.98, but opened at $66.39. Semtech shares last traded at $65.54, with a volume of 382,151 shares trading hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. 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 report on Tuesday, August 26th. Northland Securities boosted their price objective on Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a research report on Tuesday, August 26th. Piper Sandler boosted their price objective on Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Craig Hallum upped their price target on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Finally, Stifel Nicolaus upped 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. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $62.62.

Semtech Price Performance

The company's fifty day moving average is $55.89 and its 200 day moving average is $44.04. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of 281.21 and a beta of 1.98. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94.

Insider Activity at Semtech

In other news, Director Martin Burvill sold 3,500 shares of the stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total value of $219,625.00. Following the completion of the sale, the director owned 6,909 shares of the company's stock, valued at approximately $433,539.75. This represents a 33.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.48% of the company's stock.

Institutional Trading of Semtech

A number of large investors have recently added to or reduced their stakes in SMTC. California State Teachers Retirement System lifted its stake in Semtech by 27.6% in the 4th quarter. California State Teachers Retirement System now owns 78,028 shares of the semiconductor company's stock valued at $4,826,000 after purchasing an additional 16,860 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of 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 buying an additional 553 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Semtech by 3,177.0% during the 1st quarter. GAMMA Investing LLC now owns 103,750 shares of the semiconductor company's stock valued at $3,569,000 after purchasing an additional 100,584 shares during the last quarter. Rhumbline Advisers lifted its holdings in Semtech by 3.5% during the 1st quarter. Rhumbline Advisers now owns 212,584 shares of the semiconductor company's stock valued at $7,313,000 after purchasing an additional 7,221 shares during the last quarter. Finally, NBC Securities Inc. lifted its holdings in Semtech by 104,700.0% during the 1st 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.

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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