Needham & Company LLC Reiterates Buy Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $200.00 target price on the semiconductor company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 49.72% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Mizuho set a $225.00 target price on shares of Semtech in a research note on Wednesday, May 27th. Benchmark upped their price objective on shares of Semtech from $120.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. Stifel Nicolaus increased their price objective on shares of Semtech from $157.00 to $188.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Zacks Research upgraded Semtech from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 29th. Finally, TD Cowen upped their price target on Semtech from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $189.07.

Semtech Stock Down 4.6%

Shares of Semtech stock opened at $133.58 on Friday. The stock’s 50-day moving average is $140.83 and its 200 day moving average is $115.46. Semtech has a one year low of $46.02 and a one year high of $177.35. The firm has a market cap of $12.44 billion, a price-to-earnings ratio of -342.51 and a beta of 2.35. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.37 and a quick ratio of 1.62.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.06. The firm had revenue of $291.02 million for the quarter, compared to analyst estimates of $283.53 million. Semtech had a positive return on equity of 18.31% and a negative net margin of 3.05%.The company’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. Equities research analysts anticipate that Semtech will post 1.81 EPS for the current year.

Insider Buying and Selling at Semtech

In other news, CEO Hong Q. Hou sold 2,000 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $133.00, for a total value of $266,000.00. Following the completion of the sale, the chief executive officer directly owned 64,799 shares of the company’s stock, valued at $8,618,267. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Michael Wilson sold 5,500 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $170.00, for a total value of $935,000.00. Following the transaction, the insider owned 80,876 shares in the company, valued at approximately $13,748,920. This trade represents a 6.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 22,234 shares of company stock worth $3,203,091. 0.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Semtech

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC grew its position in Semtech by 900.0% during the second quarter. FNY Investment Advisers LLC now owns 200 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 180 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Semtech in the second quarter worth about $32,000. Banque Cantonale Vaudoise purchased a new position in Semtech in the first quarter valued at about $33,000. IFP Advisors Inc purchased a new position in Semtech in the fourth quarter valued at about $53,000. Finally, Allworth Financial LP bought a new position in shares of Semtech during the 2nd quarter valued at approximately $55,000.

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.