Semtech (NASDAQ:SMTC) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of Semtech (NASDAQ:SMTC - Free Report) in a research report released on Monday, Marketbeat.com reports. The firm issued an equal weight rating and a $30.00 price target on the semiconductor company's stock.

Several other analysts have also recently issued reports on SMTC. Northland Securities upped their price objective on shares of Semtech from $60.00 to $66.00 and gave the company an "outperform" rating in a research note on Tuesday, December 10th. Craig Hallum dropped their price target on Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Stifel Nicolaus reduced their price objective on Semtech from $60.00 to $54.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Piper Sandler reissued an "overweight" rating and set a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, UBS Group cut their target price on Semtech from $65.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Semtech has an average rating of "Moderate Buy" and an average price target of $58.92.

Remove Ads

Semtech Stock Down 1.5 %

Shares of NASDAQ SMTC traded down $0.40 during midday trading on Monday, hitting $26.60. The stock had a trading volume of 3,042,116 shares, compared to its average volume of 2,151,241. The stock has a 50 day simple moving average of $36.68 and a 200-day simple moving average of $49.80. The company has a market capitalization of $2.30 billion, a PE ratio of -2.04, a P/E/G ratio of 2.12 and a beta of 1.85. Semtech has a 1 year low of $24.72 and a 1 year high of $79.52.

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 for the quarter, beating analysts' consensus estimates of $0.32 by $0.08. The firm had revenue of $251.00 million during the quarter, compared to analysts' expectations of $249.40 million. During the same quarter in the previous year, the business posted ($0.06) EPS. The company's revenue for the quarter was up 30.1% on a year-over-year basis. As a group, analysts expect that Semtech will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the sale, the chief operating officer now directly owns 76,417 shares of the company's stock, valued at approximately $5,349,190. The trade was a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Lin sold 10,890 shares of the business's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the sale, the chief financial officer now owns 11,625 shares in the company, valued at $403,155. This represents a 48.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,125 shares of company stock worth $905,394 over the last three months. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Semtech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new stake in shares of Semtech in the fourth quarter valued at $31,000. Dunhill Financial LLC purchased a new stake in Semtech during the 4th quarter worth about $31,000. Smartleaf Asset Management LLC raised its position in Semtech by 190.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock valued at $48,000 after purchasing an additional 505 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Semtech in the 4th quarter valued at about $52,000. Finally, NBC Securities Inc. grew its position in shares of Semtech by 104,700.0% during the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock worth $36,000 after buying an additional 1,047 shares in 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.