Semtech (NASDAQ:SMTC) Earns Buy Rating from Analysts at TD Cowen

TD Cowen started coverage on shares of Semtech (NASDAQ:SMTC) in a research note published on Wednesday morning, MarketBeat reports. The firm issued a buy rating and a $75.00 target price on the semiconductor company’s stock.

SMTC has been the topic of several other research reports. Oppenheimer upgraded shares of Semtech from a “market perform” rating to an “outperform” rating and set a $81.00 price objective on the stock in a report on Tuesday. Piper Sandler upped their target price on shares of Semtech from $55.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 26th. Craig Hallum upped their target price on shares of Semtech from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Northland Securities upped their target price on shares of Semtech from $48.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 26th. Finally, Needham & Company LLC upped their target price on shares of Semtech from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.36.

Semtech Stock Performance

SMTC opened at $72.00 on Wednesday. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94. The company’s fifty day moving average price is $57.48 and its two-hundred day moving average price is $44.88. Semtech has a 1-year low of $24.05 and a 1-year high of $79.52. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 300.00 and a beta of 2.01.

Insider Activity

In related news, CFO Mark Lin sold 971 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $72.83, for a total transaction of $70,717.93. Following the completion of the transaction, the chief financial officer owned 17,844 shares in the company, valued at approximately $1,299,578.52. This represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Burvill sold 3,500 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $62.75, for a total transaction of $219,625.00. Following the transaction, the director owned 6,909 shares of the company’s stock, valued at approximately $433,539.75. The trade was a 33.62% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Semtech

Several institutional investors have recently added to or reduced their stakes in SMTC. Bessemer Group Inc. lifted its holdings in Semtech by 78.4% during the second quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 287 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Semtech in the second quarter worth about $33,000. NBC Securities Inc. raised its stake in Semtech by 104,700.0% in the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 1,047 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Semtech by 33.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 257 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in Semtech by 58.5% in the first quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company’s stock valued at $52,000 after purchasing an additional 553 shares in the last quarter.

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.