Needham & Company LLC Reaffirms Buy Rating for Semtech (NASDAQ:SMTC)

Needham & Company LLC reissued their buy rating on shares of Semtech (NASDAQ:SMTC - Free Report) in a research report released on Wednesday,Benzinga reports. Needham & Company LLC currently has a $54.00 target price on the semiconductor company's stock.

SMTC has been the subject of several other reports. Morgan Stanley raised their price target on Semtech from $30.00 to $40.00 and gave the company an "equal weight" rating in a report on Tuesday, May 27th. Stifel Nicolaus raised their target price on Semtech from $35.00 to $42.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Robert W. Baird decreased their target price on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. Benchmark lowered their price target on shares of Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $55.00 price target (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $58.58.

Semtech Price Performance

Shares of SMTC stock traded up $1.16 during mid-day trading on Wednesday, hitting $36.92. The stock had a trading volume of 3,323,132 shares, compared to its average volume of 2,189,012. 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. The company's 50-day simple moving average is $32.89 and its 200-day simple moving average is $46.99. Semtech has a fifty-two week low of $24.05 and a fifty-two week high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to analysts' expectations of $249.40 million. During the same period in the prior year, the company earned ($0.06) earnings per share. The company's revenue for the quarter was up 30.1% on a year-over-year basis. On average, analysts expect that Semtech will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 10,890 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the sale, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. This represents a 48.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.60% of the company's stock.

Institutional Trading of Semtech

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its stake in Semtech by 15.8% in the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock valued at $25,396,000 after purchasing an additional 56,108 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Semtech by 6.1% during the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock worth $12,702,000 after buying an additional 11,878 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in shares of Semtech in the fourth quarter valued at approximately $2,680,000. Stephens Inc. AR acquired a new position in shares of Semtech in the fourth quarter valued at approximately $889,000. Finally, Essential Planning LLC. purchased a new position in shares of Semtech during the fourth quarter valued at approximately $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.