Semtech (NASDAQ:SMTC) Lowered to Market Perform Rating by Northland Securities

Semtech (NASDAQ:SMTC) was downgraded by research analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday.

Several other research analysts have also weighed in on the stock. B. Riley Financial restated a “buy” rating on shares of Semtech in a research report on Tuesday, May 12th. Needham & Company LLC lifted their price objective on Semtech from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. UBS Group upped their target price on Semtech from $105.00 to $165.00 and gave the company a “buy” rating in a report on Monday, May 18th. Weiss Ratings lowered Semtech from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, March 24th. Finally, Morgan Stanley upped their target price on Semtech from $75.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, March 16th. Thirteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.50.

Semtech Price Performance

Shares of NASDAQ:SMTC opened at $156.78 on Tuesday. The company has a 50-day simple moving average of $102.46 and a 200-day simple moving average of $86.90. Semtech has a one year low of $34.59 and a one year high of $164.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 2.37. The stock has a market capitalization of $14.60 billion, a price-to-earnings ratio of -356.32 and a beta of 2.22.

Semtech (NASDAQ:SMTC) last announced its earnings results on Monday, March 16th. The semiconductor company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The business had revenue of $274.40 million during the quarter, compared to analysts’ expectations of $273.14 million. During the same period in the prior year, the company earned $0.40 earnings per share. The business’s revenue was up 9.3% compared to the same quarter last year. On average, analysts predict that Semtech will post 1.6 EPS for the current year.

Insider Buying and Selling

In other Semtech news, Director Paul V. Walsh, Jr. sold 500 shares of Semtech stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $138.21, for a total value of $69,105.00. Following the transaction, the director owned 23,279 shares in the company, valued at $3,217,390.59. This trade represents a 2.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Martin Burvill sold 2,500 shares of Semtech stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $88.98, for a total transaction of $222,450.00. Following the completion of the transaction, the director owned 4,409 shares in the company, valued at approximately $392,312.82. This trade represents a 36.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 36,884 shares of company stock worth $3,069,245 over the last 90 days. Company insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Semtech

Hedge funds have recently made changes to their positions in the stock. Think Investments LP purchased a new position in shares of Semtech in the 3rd quarter valued at $58,618,000. Ameriprise Financial Inc. raised its stake in shares of Semtech by 10.3% in the 2nd 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 period. Atreides Management LP purchased a new position in shares of Semtech in the 2nd quarter valued at $29,880,000. Westfield Capital Management Co. LP raised its stake in shares of Semtech by 23.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 3,380,373 shares of the semiconductor company’s stock valued at $241,528,000 after acquiring an additional 633,113 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in shares of Semtech by 323.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 781,003 shares of the semiconductor company’s stock valued at $60,051,000 after acquiring an additional 596,373 shares during the period.

Semtech Company Profile

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.