Semtech (NASDAQ:SMTC) Receives Outperform Rating from Wells Fargo & Co

Wells Fargo & Co reiterated their outperform rating on shares of Semtech (NASDAQ:SMTC) in a research note issued to investors on Thursday morning, BenzingaRatingsTable reports. Wells Fargo & Co currently has a $55.00 price objective on the semiconductor company’s stock, down from their previous price objective of $60.00.

A number of other research analysts have also recently commented on the stock. Oppenheimer reissued a buy rating and set a $52.00 target price on shares of Semtech in a research report on Wednesday, November 27th. ValuEngine raised shares of Semtech from a buy rating to a strong-buy rating in a report on Friday, November 29th. Robert W. Baird set a $45.00 price target on shares of Semtech and gave the stock a buy rating in a research note on Monday, August 26th. BWS Financial lowered shares of Semtech from a buy rating to a hold rating and cut their price objective for the stock from $70.00 to $50.00 in a report on Friday, November 15th. Finally, Stifel Nicolaus upped their price objective on shares of Semtech from $50.00 to $55.00 and gave the company a buy rating in a research report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $47.64.

Shares of NASDAQ:SMTC opened at $47.41 on Thursday. The business’s 50-day simple moving average is $50.48 and its 200 day simple moving average is $47.59. The company has a market cap of $3.04 billion, a P/E ratio of 35.65, a PEG ratio of 3.75 and a beta of 1.90. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.42 and a current ratio of 4.35. Semtech has a one year low of $39.54 and a one year high of $57.96.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Wednesday, December 4th. The semiconductor company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.01. Semtech had a return on equity of 10.64% and a net margin of 8.71%. The firm had revenue of $141.00 million during the quarter, compared to analysts’ expectations of $140.15 million. During the same quarter in the prior year, the business earned $0.63 EPS. Semtech’s quarterly revenue was down 18.8% compared to the same quarter last year. Analysts predict that Semtech will post 1.02 earnings per share for the current year.

In other Semtech news, EVP Asaf Silberstein sold 6,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $55.00, for a total transaction of $330,000.00. Following the completion of the transaction, the executive vice president now directly owns 50,653 shares of the company’s stock, valued at approximately $2,785,915. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sylvia Summers sold 6,487 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $46.31, for a total transaction of $300,412.97. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $926,200. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,717 shares of company stock valued at $1,262,791. Company insiders own 1.96% of the company’s stock.

Several hedge funds have recently modified their holdings of SMTC. Nuveen Asset Management LLC bought a new stake in Semtech in the second quarter valued at about $38,749,000. JPMorgan Chase & Co. lifted its holdings in Semtech by 80.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,577,500 shares of the semiconductor company’s stock worth $76,067,000 after buying an additional 704,376 shares during the last quarter. Prudential PLC lifted its holdings in Semtech by 127.6% during the 2nd quarter. Prudential PLC now owns 990,900 shares of the semiconductor company’s stock worth $47,613,000 after buying an additional 555,500 shares during the last quarter. Invesco Ltd. grew its position in shares of Semtech by 19.5% in the 2nd quarter. Invesco Ltd. now owns 3,183,581 shares of the semiconductor company’s stock worth $152,970,000 after acquiring an additional 520,483 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Semtech by 1,022.5% in the 2nd quarter. AQR Capital Management LLC now owns 430,187 shares of the semiconductor company’s stock worth $20,670,000 after acquiring an additional 391,863 shares in the last quarter. 96.22% of the stock is currently owned by institutional investors and hedge funds.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications 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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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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