Semtech (NASDAQ:SMTC) Stock Price Up 7.3% – Time to Buy?

Semtech Co. (NASDAQ:SMTC)’s share price was up 7.3% during trading on Monday . The stock traded as high as $40.19 and last traded at $40.63. Approximately 427,435 shares traded hands during trading, a decline of 80% from the average daily volume of 2,119,632 shares. The stock had previously closed at $37.85.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several recent research reports. Morgan Stanley set a $43.00 price target on Semtech in a research report on Wednesday, May 28th. Stifel Nicolaus boosted their target price on shares of Semtech from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Craig Hallum cut their price objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Semtech in a research note on Wednesday, May 28th. Finally, Benchmark restated a “buy” rating and issued a $68.00 price target on shares of Semtech in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.58.

Semtech Trading Up 0.7%

The firm’s fifty day simple moving average is $33.42 and its two-hundred day simple moving average is $46.55. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -3.25, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC) last posted its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. Semtech’s revenue was up 30.1% compared to the same quarter last year. During the same period last year, the business earned ($0.06) EPS. As a group, analysts forecast that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Activity

In related news, CFO Mark Lin sold 2,907 shares of the firm’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the transaction, the chief financial officer now directly owns 13,481 shares in the company, valued at $508,368.51. This trade represents a 17.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Several large investors have recently added to or reduced their stakes in SMTC. Hollencrest Capital Management purchased a new stake in shares of Semtech during the fourth quarter worth approximately $31,000. Dunhill Financial LLC acquired a new position in Semtech in the fourth quarter valued at $31,000. Smartleaf Asset Management LLC raised its stake in Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 505 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Semtech during the fourth quarter worth $52,000. Finally, NBC Securities Inc. lifted its stake in shares of Semtech by 104,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 1,047 shares during the period.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.