Semtech (NASDAQ:SMTC) Shares Up 4.7% - Time to Buy?

Semtech Co. (NASDAQ:SMTC - Get Free Report) was up 4.7% on Friday . The company traded as high as $37.27 and last traded at $37.43. Approximately 1,851,128 shares changed hands during trading, a decline of 15% from the average daily volume of 2,181,338 shares. The stock had previously closed at $35.76.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SMTC shares. Robert W. Baird decreased their price objective on Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Benchmark restated a "buy" rating and set a $68.00 price target on shares of Semtech in a research report on Wednesday. UBS Group reduced their price target on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Needham & Company LLC restated a "buy" rating and set a $54.00 price target on shares of Semtech in a research report on Wednesday. Finally, Stifel Nicolaus lifted their price objective on Semtech from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $58.58.

Semtech Price Performance

The stock has a 50 day simple moving average of $32.89 and a 200-day simple moving average of $46.98. The firm has a market cap of $3.20 billion, a PE ratio of -2.83, a PEG ratio of 2.12 and a beta of 1.88.

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 company had revenue of $251.00 million for the quarter, compared to analysts' expectations of $249.40 million. The firm's quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) EPS. As a group, equities analysts predict that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Transactions at Semtech

In other news, CFO Mark Lin sold 2,907 shares of the business's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the transaction, the chief financial officer now owns 13,481 shares in the company, valued at $508,368.51. The trade was a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SMTC. Principal Financial Group Inc. grew its holdings in shares of Semtech by 15.8% in the fourth quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock worth $25,396,000 after acquiring an additional 56,108 shares during the period. Rhumbline Advisers grew its holdings in shares of Semtech by 6.1% in the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock worth $12,702,000 after acquiring an additional 11,878 shares during the period. Convergence Investment Partners LLC bought a new stake in shares of Semtech in the fourth quarter worth $2,680,000. Stephens Inc. AR bought a new stake in shares of Semtech in the fourth quarter worth $889,000. Finally, Essential Planning LLC. bought a new stake in shares of Semtech in the fourth quarter worth $1,069,000.

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.