Semtech Corp. (SMTC) Earns Sector Perform Rating from RBC Capital Markets
Semtech Corp. (NASDAQ:SMTC)‘s stock had its “sector perform” rating restated by research analysts at RBC Capital Markets in a research note issued to investors on Thursday. They currently have a $32.00 price objective on the stock, up from their previous price objective of $28.00. RBC Capital Markets’ price objective would suggest a potential upside of 9.97% from the stock’s previous close.
Several other equities analysts have also weighed in on SMTC. Zacks Investment Research lowered shares of Semtech Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. B. Riley reissued a “buy” rating and issued a $31.50 price objective on shares of Semtech Corp. in a research report on Thursday, August 25th. Drexel Hamilton increased their price objective on shares of Semtech Corp. from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, September 1st. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Semtech Corp. in a research report on Monday, September 5th. Finally, Royal Bank Of Canada increased their price objective on shares of Semtech Corp. from $28.00 to $32.00 and gave the company a “sector perform” rating in a research report on Thursday. Five analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Semtech Corp. currently has a consensus rating of “Buy” and an average price target of $30.25.
Shares of Semtech Corp. (NASDAQ:SMTC) traded up 3.56% during trading on Thursday, reaching $29.10. 2,681,253 shares of the company traded hands. Semtech Corp. has a 12 month low of $15.70 and a 12 month high of $31.85. The company has a 50-day moving average of $25.74 and a 200-day moving average of $25.17. The stock has a market capitalization of $1.91 billion, a PE ratio of 69.12 and a beta of 1.39.
Semtech Corp. (NASDAQ:SMTC) last issued its quarterly earnings data on Wednesday, November 30th. The company reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. The company had revenue of $137.20 million for the quarter. Semtech Corp. had a net margin of 5.55% and a return on equity of 8.89%. Semtech Corp.’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.19 earnings per share. Analysts forecast that Semtech Corp. will post $1.33 earnings per share for the current fiscal year.
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In other Semtech Corp. news, insider Mohan Maheswaran sold 1,500 shares of the stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $26.40, for a total transaction of $39,600.00. Following the sale, the insider now directly owns 183,367 shares in the company, valued at $4,840,888.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rockell N. Hankin sold 6,795 shares of the stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $27.73, for a total transaction of $188,425.35. Following the sale, the director now owns 166,735 shares in the company, valued at $4,623,561.55. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.
A number of large investors have recently made changes to their positions in SMTC. Frontier Capital Management Co. LLC increased its stake in Semtech Corp. by 36.1% in the second quarter. Frontier Capital Management Co. LLC now owns 2,442,524 shares of the company’s stock worth $58,279,000 after buying an additional 648,271 shares during the last quarter. Prudential Financial Inc. increased its stake in Semtech Corp. by 20.6% in the second quarter. Prudential Financial Inc. now owns 288,819 shares of the company’s stock worth $6,891,000 after buying an additional 49,240 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in Semtech Corp. during the second quarter worth $5,778,000. Teacher Retirement System of Texas increased its stake in Semtech Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,134 shares of the company’s stock worth $218,000 after buying an additional 1,105 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in Semtech Corp. by 706.2% in the third quarter. Bank of Montreal Can now owns 11,319 shares of the company’s stock worth $314,000 after buying an additional 9,915 shares during the last quarter. Hedge funds and other institutional investors own 95.36% of the company’s stock.
Semtech Corp. Company Profile
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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