Piper Sandler Reiterates "Overweight" Rating for Semtech (NASDAQ:SMTC)

Piper Sandler reaffirmed their overweight rating on shares of Semtech (NASDAQ:SMTC - Free Report) in a report issued on Monday,Benzinga reports. They currently have a $55.00 target price on the semiconductor company's stock, down from their previous target price of $75.00.

A number of other equities research analysts also recently issued reports on the company. Robert W. Baird cut their price target on Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Craig Hallum boosted their price objective on Semtech from $48.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. UBS Group assumed coverage on Semtech in a research note on Friday, January 17th. They set a "buy" rating and a $85.00 price objective for the company. Roth Mkm boosted their price objective on Semtech from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Finally, Susquehanna boosted their price objective on Semtech from $55.00 to $60.00 and gave the company a "positive" rating in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and eleven have issued 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 $67.91.

Semtech Stock Performance

Shares of SMTC traded up $0.65 during trading hours on Monday, hitting $37.38. The company had a trading volume of 2,182,095 shares, compared to its average volume of 2,968,805. Semtech has a 52-week low of $19.20 and a 52-week high of $79.52. The firm has a fifty day moving average price of $62.97 and a 200-day moving average price of $50.69. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -2.86, a P/E/G ratio of 2.98 and a beta of 1.64.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to analysts' expectations of $232.89 million. Semtech's quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the firm posted $0.02 EPS.

Insider Buying and Selling at Semtech

In other news, SVP Imran Sherazi sold 2,946 shares of the firm's stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now directly owns 6,317 shares in the company, valued at $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark Lin sold 6,114 shares of Semtech stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the transaction, the chief financial officer now owns 3,531 shares of the company's stock, valued at approximately $232,127.94. This represents a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,747 shares of company stock valued at $1,095,061 in the last quarter. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Huntington National Bank grew its holdings in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 302 shares during the period. Hollencrest Capital Management acquired a new stake in Semtech in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC grew its holdings in Semtech by 190.6% in the fourth 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 during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Semtech in the fourth quarter valued at approximately $52,000. Finally, NBC Securities Inc. grew its holdings in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company's stock valued at $62,000 after purchasing an additional 739 shares during the period.

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.