Semtech (NASDAQ:SMTC) Price Target Raised to $115.00 at Benchmark

Semtech (NASDAQ:SMTC) had its price objective raised by Benchmark from $85.00 to $115.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Other analysts also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Semtech in a research note on Tuesday, November 25th. Summit Insights raised Semtech from a “hold” rating to a “buy” rating in a research report on Tuesday, November 25th. Susquehanna lifted their price objective on Semtech from $65.00 to $80.00 and gave the stock a “positive” rating in a report on Tuesday, November 18th. Piper Sandler restated an “overweight” rating and set a $95.00 target price (up from $70.00) on shares of Semtech in a research note on Thursday, December 11th. Finally, Wall Street Zen downgraded shares of Semtech from a “strong-buy” rating to a “buy” rating in a report on Monday, January 26th. Fourteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.36.

Semtech Trading Down 0.5%

NASDAQ:SMTC opened at $89.75 on Wednesday. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of 289.52 and a beta of 1.99. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.87. The company’s 50 day moving average price is $82.27 and its 200-day moving average price is $72.11. Semtech has a 52 week low of $24.05 and a 52 week high of $96.46.

Insider Buying and Selling at Semtech

In related news, Director Saar Gillai sold 3,600 shares of Semtech stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $75.26, for a total transaction of $270,936.00. Following the transaction, the director directly owned 9,523 shares in the company, valued at approximately $716,700.98. The trade was a 27.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Lin sold 1,333 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $76.20, for a total value of $101,574.60. Following the sale, the chief financial officer directly owned 18,477 shares of the company’s stock, valued at $1,407,947.40. This represents a 6.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 26,967 shares of company stock worth $2,236,108. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Westfield Capital Management Co. LP increased its holdings in Semtech by 107.8% in the 2nd quarter. Westfield Capital Management Co. LP now owns 2,747,260 shares of the semiconductor company’s stock worth $124,011,000 after acquiring an additional 1,424,909 shares in the last quarter. Think Investments LP bought a new position in shares of Semtech in the third quarter worth approximately $58,618,000. Ameriprise Financial Inc. increased its stake in shares of Semtech by 10.3% in the second quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock worth $321,040,000 after purchasing an additional 666,456 shares in the last quarter. Atreides Management LP bought a new stake in shares of Semtech during the 2nd quarter valued at $29,880,000. Finally, Hood River Capital Management LLC raised its position in shares of Semtech by 36.0% during the 2nd quarter. Hood River Capital Management LLC now owns 2,244,631 shares of the semiconductor company’s stock valued at $101,323,000 after purchasing an additional 594,529 shares during the period.

About Semtech

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.