Oppenheimer Reiterates Outperform Rating for Semtech (NASDAQ:SMTC)

Semtech (NASDAQ:SMTC)‘s stock had its “outperform” rating restated by investment analysts at Oppenheimer in a research report issued on Tuesday,Benzinga reports. They presently have a $100.00 price target on the semiconductor company’s stock, up from their previous price target of $81.00. Oppenheimer’s price target suggests a potential upside of 14.52% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Benchmark increased their price objective on shares of Semtech from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Robert W. Baird raised their price target on Semtech from $70.00 to $88.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 25th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price objective on shares of Semtech in a report on Tuesday, November 25th. Wall Street Zen cut Semtech from a “strong-buy” rating to a “buy” rating in a report on Monday, January 26th. Finally, Stifel Nicolaus boosted their price target on shares of Semtech from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, January 16th. Fourteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.14.

Semtech Trading Up 2.6%

NASDAQ SMTC traded up $2.18 during trading hours on Tuesday, reaching $87.32. The company had a trading volume of 150,575 shares, compared to its average volume of 1,460,190. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $8.08 billion, a P/E ratio of 281.72 and a beta of 1.99. The stock has a 50-day moving average of $82.80 and a 200 day moving average of $73.02. Semtech has a 1-year low of $24.05 and a 1-year high of $96.46.

Insider Activity

In related news, Director Gregory Michael Fischer sold 1,034 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $75.50, for a total value of $78,067.00. Following the sale, the director owned 2,857 shares of the company’s stock, valued at $215,703.50. This trade represents a 26.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul V. Walsh, Jr. sold 500 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $78.25, for a total transaction of $39,125.00. Following the completion of the sale, the director directly owned 25,279 shares in the company, valued at approximately $1,978,081.75. This represents a 1.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 33,549 shares of company stock valued at $2,787,350. 0.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund boosted its holdings in shares of Semtech by 55.7% in the 3rd quarter. New York State Common Retirement Fund now owns 277,661 shares of the semiconductor company’s stock valued at $19,839,000 after buying an additional 99,335 shares in the last quarter. Nordea Investment Management AB raised its stake in Semtech by 24.4% during the 3rd quarter. Nordea Investment Management AB now owns 117,669 shares of the semiconductor company’s stock worth $7,992,000 after acquiring an additional 23,086 shares in the last quarter. Lisanti Capital Growth LLC purchased a new stake in Semtech in the third quarter valued at $4,318,000. Allspring Global Investments Holdings LLC acquired a new position in Semtech in the third quarter valued at $9,160,000. Finally, Emerald Advisers LLC acquired a new position in Semtech in the third quarter valued at $29,944,000.

Key Semtech News

Here are the key news stories impacting Semtech this week:

• Positive Sentiment: Semtech announced the FX86E 5G RedCap modem targeted at industrial IoT — a product that can expand addressable markets for modules and plug-and-play connectivity across public/private 5G and LTE networks. Read More.
• Positive Sentiment: Semtech partnered with Digital Barriers to deliver an integrated, AI-powered device-to-cloud video compression solution for cellular surveillance and analytics — a turnkey offering that could drive module shipments and recurring connectivity/service revenue. Read More.
• Positive Sentiment: Analyst and media attention has turned more bullish: Susquehanna raised its target to $100 and sector write-ups highlight Semtech as part of the AI infrastructure theme — both support a re-rating narrative if revenue from AI/data-center and IoT ramps. Read More.
• Neutral Sentiment: Technical/valuation context: SMTC is trading above its 50- and 200-day moving averages, market cap near $8B and a very high P/E reflecting growth expectations — positive if execution continues, but increases sensitivity to missed targets. Read More.
• Negative Sentiment: Insider selling: CFO Mark Lin sold 6,582 shares (filed in an SEC Form 4), reducing his stake by ~23% — a disclosure that can introduce short-term caution among some investors. Read More.

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.