Semtech (NASDAQ:SMTC) Stock Price Up 5.9% – Still a Buy?

Semtech Co. (NASDAQ:SMTC) shares shot up 5.9% on Wednesday . The company traded as high as $41.03 and last traded at $40.92. 911,686 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 2,182,070 shares. The stock had previously closed at $38.65.

Wall Street Analysts Forecast Growth

SMTC has been the topic of several recent analyst reports. B. Riley raised their price objective on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Roth Mkm boosted their price objective on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Stifel Nicolaus cut their target price on Semtech from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Benchmark cut their price objective on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Finally, Robert W. Baird reduced their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $61.55.

Semtech Price Performance

The stock has a market cap of $3.19 billion, a PE ratio of -3.24, a PEG ratio of 2.12 and a beta of 1.69. The company’s fifty day moving average is $50.63 and its 200-day moving average is $51.22.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. During the same quarter in the prior year, the company posted ($0.06) EPS. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. Analysts expect that Semtech Co. will post -0.02 EPS for the current year.

Insider Buying and Selling at Semtech

In related news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the sale, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the transaction, the senior vice president now owns 14 shares in the company, valued at $1,050. The trade was a 98.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,523 shares of company stock valued at $1,070,791. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its position in shares of Semtech by 27.6% during the 4th quarter. California State Teachers Retirement System now owns 78,028 shares of the semiconductor company’s stock worth $4,826,000 after purchasing an additional 16,860 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Semtech during the fourth quarter valued at about $15,131,000. Jefferies Financial Group Inc. raised its stake in shares of Semtech by 62.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 77,659 shares of the semiconductor company’s stock valued at $4,803,000 after acquiring an additional 29,723 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Semtech by 44.2% in the 4th quarter. Mackenzie Financial Corp now owns 39,824 shares of the semiconductor company’s stock worth $2,463,000 after acquiring an additional 12,211 shares during the last quarter. Finally, Castleark Management LLC acquired a new stake in Semtech in the 4th quarter valued at approximately $7,555,000.

About Semtech

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.