Semtech (SMTC) Upgraded by BidaskClub to Hold
BidaskClub upgraded shares of Semtech (NASDAQ:SMTC) from a sell rating to a hold rating in a report released on Friday morning.
Several other research analysts also recently issued reports on the company. Needham & Company LLC downgraded Semtech from a buy rating to a hold rating and set a $42.00 price objective on the stock. in a report on Tuesday. Oppenheimer upped their price objective on Semtech from $58.00 to $65.00 and gave the stock an outperform rating in a report on Thursday, August 30th. Stifel Nicolaus upped their price objective on Semtech from $60.00 to $64.00 and gave the stock a buy rating in a report on Thursday, August 30th. Royal Bank of Canada increased their price target on Semtech to $55.00 and gave the company an outperform rating in a research note on Monday, August 27th. Finally, Piper Jaffray Companies reissued an overweight rating and issued a $57.00 price target on shares of Semtech in a research note on Monday, August 27th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Semtech currently has a consensus rating of Buy and an average price target of $57.70.
NASDAQ:SMTC traded down $0.95 during trading hours on Friday, hitting $56.75. 439,271 shares of the stock were exchanged, compared to its average volume of 659,964. Semtech has a twelve month low of $31.30 and a twelve month high of $60.05. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.51 and a current ratio of 4.13. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 40.54, a P/E/G ratio of 7.40 and a beta of 1.50.
In related news, VP Mark C. Costello sold 1,063 shares of the firm’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $58.27, for a total transaction of $61,941.01. Following the sale, the vice president now owns 6,813 shares of the company’s stock, valued at approximately $396,993.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gary Beauchamp sold 24,029 shares of the firm’s stock in a transaction on Friday, June 29th. The stock was sold at an average price of $46.87, for a total value of $1,126,239.23. Following the sale, the executive vice president now directly owns 24,029 shares in the company, valued at approximately $1,126,239.23. The disclosure for this sale can be found here. Insiders have sold a total of 108,172 shares of company stock worth $5,506,539 in the last ninety days. 2.30% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. Bank of Montreal Can acquired a new stake in Semtech during the 2nd quarter worth $124,000. NumerixS Investment Technologies Inc acquired a new stake in Semtech during the 2nd quarter worth $160,000. CIBC Asset Management Inc acquired a new stake in Semtech during the 2nd quarter worth $215,000. Everence Capital Management Inc. acquired a new stake in Semtech during the 2nd quarter worth $222,000. Finally, GSA Capital Partners LLP acquired a new stake in Semtech during the 1st quarter worth $201,000. 96.61% of the stock is currently owned by institutional investors and hedge funds.
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, communications, and high-end consumer applications; and a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications.
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