Semtech (NASDAQ:SMTC) Lowered to Market Perform Rating by Northland Securities

Semtech (NASDAQ:SMTC) was downgraded by equities research analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a report released on Tuesday.

Several other equities analysts also recently commented on the stock. Needham & Company LLC boosted their price target on shares of Semtech from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. TD Cowen reiterated a “buy” rating on shares of Semtech in a research note on Tuesday, February 24th. Susquehanna boosted their target price on shares of Semtech from $110.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, May 20th. Morgan Stanley boosted their target price on shares of Semtech from $75.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, March 16th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Semtech in a research note on Tuesday, May 12th. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $113.50.

Semtech Stock Performance

NASDAQ:SMTC opened at $156.78 on Tuesday. The company has a fifty day simple moving average of $102.46 and a two-hundred day simple moving average of $86.90. The company has a market cap of $14.60 billion, a price-to-earnings ratio of -356.32 and a beta of 2.22. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.89. Semtech has a 52 week low of $34.59 and a 52 week high of $164.48.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.43 by $0.01. The business had revenue of $274.40 million during the quarter, compared to the consensus estimate of $273.14 million. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 earnings per share. As a group, equities analysts anticipate that Semtech will post 1.6 earnings per share for the current fiscal year.

Insider Activity

In other Semtech news, EVP Jason Elliot Green sold 7,500 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $81.73, for a total value of $612,975.00. Following the completion of the transaction, the executive vice president owned 8,811 shares in the company, valued at $720,123.03. This represents a 45.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul V. Walsh, Jr. sold 500 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $138.21, for a total transaction of $69,105.00. Following the completion of the transaction, the director owned 23,279 shares of the company’s stock, valued at $3,217,390.59. This represents a 2.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 36,884 shares of company stock valued at $3,069,245. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Semtech

Several large investors have recently bought and sold shares of SMTC. Think Investments LP acquired a new position in Semtech in the third quarter valued at $58,618,000. Ameriprise Financial Inc. boosted its stake in Semtech by 10.3% in the second quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock valued at $321,040,000 after acquiring an additional 666,456 shares in the last quarter. Atreides Management LP acquired a new position in Semtech in the second quarter valued at $29,880,000. Westfield Capital Management Co. LP boosted its stake in Semtech by 23.0% in the third quarter. Westfield Capital Management Co. LP now owns 3,380,373 shares of the semiconductor company’s stock valued at $241,528,000 after acquiring an additional 633,113 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Semtech by 323.0% in the first quarter. Assenagon Asset Management S.A. now owns 781,003 shares of the semiconductor company’s stock valued at $60,051,000 after acquiring an additional 596,373 shares in the last quarter.

Semtech Company Profile

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.