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

Semtech (NASDAQ:SMTC) had its target price upped by Benchmark from $85.00 to $115.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

Other equities analysts have also issued reports about the stock. Roth Mkm boosted their price target on shares of Semtech from $65.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Semtech in a report on Tuesday, November 25th. B. Riley Financial lifted their target price on shares of Semtech from $90.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. TD Cowen reissued a “buy” rating on shares of Semtech in a report on Tuesday, February 24th. Finally, Piper Sandler restated an “overweight” rating and set a $95.00 price target (up from $70.00) on shares of Semtech in a research report on Thursday, December 11th. Fourteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.36.

Semtech Stock Down 5.8%

Shares of NASDAQ:SMTC opened at $82.02 on Wednesday. The company’s fifty day moving average is $82.62 and its 200-day moving average is $72.43. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.71 and a current ratio of 2.43. Semtech has a 52 week low of $24.05 and a 52 week high of $96.46. The company has a market capitalization of $7.59 billion, a PE ratio of 264.58 and a beta of 1.99.

Insider Transactions at Semtech

In other Semtech news, Director Paul V. Walsh, Jr. sold 500 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $78.25, for a total value of $39,125.00. Following the completion of the transaction, the director directly owned 25,279 shares of the company’s stock, valued at approximately $1,978,081.75. The trade was a 1.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Asaf Silberstein sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $92.00, for a total transaction of $920,000.00. Following the transaction, the chief operating officer owned 68,496 shares in the company, valued at $6,301,632. The trade was a 12.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 26,967 shares of company stock worth $2,236,108. Corporate insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMTC. Westfield Capital Management Co. LP increased its stake in shares of 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 valued at $124,011,000 after buying an additional 1,424,909 shares during the period. Think Investments LP bought a new position in Semtech in the third quarter valued at about $58,618,000. Ameriprise Financial Inc. boosted its holdings 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 during the last quarter. Atreides Management LP acquired a new stake in Semtech in the second quarter worth about $29,880,000. Finally, Hood River Capital Management LLC raised its holdings in 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 worth $101,323,000 after purchasing an additional 594,529 shares during the last quarter.

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.