Piper Jaffray Companies Reaffirms “Overweight” Rating for Semtech (SMTC)

Piper Jaffray Companies reaffirmed their overweight rating on shares of Semtech (NASDAQ:SMTC) in a report issued on Monday, The Fly reports. They currently have a $55.00 price target on the semiconductor company’s stock.

SMTC has been the subject of several other research reports. Roth Capital set a $63.00 price objective on Semtech and gave the company a buy rating in a report on Monday, October 8th. BidaskClub lowered Semtech from a sell rating to a strong sell rating in a report on Saturday, October 27th. ValuEngine upgraded Semtech from a buy rating to a strong-buy rating in a report on Wednesday, September 12th. Stifel Nicolaus upped their price objective on Semtech from $60.00 to $64.00 and gave the company a buy rating in a report on Thursday, August 30th. Finally, Needham & Company LLC lowered Semtech from a buy rating to a hold rating and set a $42.00 price objective for the company. in a report on Tuesday, September 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Semtech currently has a consensus rating of Buy and an average price target of $59.55.

Shares of SMTC stock opened at $44.94 on Monday. The company has a quick ratio of 3.62, a current ratio of 4.13 and a debt-to-equity ratio of 0.29. Semtech has a 1 year low of $31.30 and a 1 year high of $60.55. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 32.10, a price-to-earnings-growth ratio of 5.53 and a beta of 1.52.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Wednesday, August 29th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. Semtech had a return on equity of 12.66% and a net margin of 8.48%. The company had revenue of $163.20 million during the quarter, compared to analyst estimates of $161.21 million. During the same quarter in the previous year, the firm posted $0.48 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. Equities analysts expect that Semtech will post 1.56 EPS for the current year.

In other news, Director Rockell N. Hankin sold 2,928 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $57.30, for a total transaction of $167,774.40. Following the completion of the sale, the director now directly owns 157,868 shares of the company’s stock, valued at $9,045,836.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Simon A. Brown sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $59.01, for a total value of $118,020.00. Following the sale, the vice president now directly owns 17,193 shares of the company’s stock, valued at $1,014,558.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,886 shares of company stock valued at $2,288,967. 2.30% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in SMTC. Bank of Montreal Can acquired a new position in Semtech during the second quarter valued at $124,000. NumerixS Investment Technologies Inc acquired a new position in Semtech during the second quarter valued at $160,000. TRUE Private Wealth Advisors acquired a new position in Semtech during the third quarter valued at $222,000. CIBC Asset Management Inc acquired a new position in Semtech during the second quarter valued at $215,000. Finally, Everence Capital Management Inc. acquired a new position in Semtech during the second quarter valued at $222,000. 96.45% of the stock is owned by institutional investors and hedge funds.

Semtech Company Profile

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, communications, and high-end consumer applications; and a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications.

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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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