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.
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.
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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