B. Riley Reaffirms Buy Rating for Semtech Corporation (SMTC)
B. Riley reaffirmed their buy rating on shares of Semtech Corporation (NASDAQ:SMTC) in a report issued on Thursday morning. They currently have a $48.00 price objective on the semiconductor company’s stock.
“We sense growing large customer engagements and expanding application potential are gaining momentum and the attention of hyper scale players. Mgmt has not backed off revenue growth goals for $40-50MM and $80-$100MM this year and next, and the view that if $100MM in sales are attained, growth to $1.0B in another five years is possible. We were pleasantly surprised with mgmt’s comfort such could occur, though note ongoing ecosystem development and use case momentum is needed to bridge both gaps for technology, which is patent protected by SMTC at end points and hubs.”,” B. Riley’s analyst commented.
Several other analysts have also issued reports on SMTC. Royal Bank Of Canada restated a hold rating and issued a $39.00 price objective on shares of Semtech Corporation in a research note on Tuesday, October 3rd. BidaskClub lowered Semtech Corporation from a strong-buy rating to a buy rating in a research note on Friday, August 18th. Robert W. Baird restated an outperform rating and issued a $45.00 price objective on shares of Semtech Corporation in a research note on Tuesday, June 13th. Drexel Hamilton restated a buy rating and issued a $45.00 price objective on shares of Semtech Corporation in a research note on Thursday, August 31st. Finally, Zacks Investment Research lowered Semtech Corporation from a hold rating to a sell rating in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $43.50.
Semtech Corporation (SMTC) traded up 2.13% on Thursday, hitting $38.30. The stock had a trading volume of 498,570 shares. The stock has a 50-day moving average of $36.68 and a 200-day moving average of $36.09. The company has a market cap of $2.54 billion, a PE ratio of 40.49 and a beta of 1.45. Semtech Corporation has a one year low of $22.81 and a one year high of $41.15.
Semtech Corporation (NASDAQ:SMTC) last released its quarterly earnings data on Wednesday, August 30th. The semiconductor company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.02. The firm had revenue of $153.10 million for the quarter, compared to analyst estimates of $154.91 million. Semtech Corporation had a return on equity of 11.77% and a net margin of 11.00%. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. Equities analysts expect that Semtech Corporation will post $1.89 earnings per share for the current fiscal year.
In other news, Director James T. Lindstrom sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $36.35, for a total value of $181,750.00. Following the transaction, the director now owns 27,534 shares of the company’s stock, valued at $1,000,860.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Emeka Chukwu sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $39.89, for a total value of $79,780.00. Following the completion of the transaction, the chief financial officer now directly owns 77,776 shares in the company, valued at approximately $3,102,484.64. The disclosure for this sale can be found here. Insiders sold 54,294 shares of company stock worth $2,031,987 in the last ninety days. 2.10% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Semtech Corporation by 74.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,299 shares of the semiconductor company’s stock valued at $112,000 after purchasing an additional 1,405 shares during the last quarter. Strs Ohio grew its position in shares of Semtech Corporation by 22.2% in the second quarter. Strs Ohio now owns 3,300 shares of the semiconductor company’s stock valued at $117,000 after purchasing an additional 600 shares during the last quarter. FNY Partners Fund LP grew its position in shares of Semtech Corporation by 515.4% in the first quarter. FNY Partners Fund LP now owns 4,000 shares of the semiconductor company’s stock valued at $135,000 after purchasing an additional 3,350 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Semtech Corporation in the first quarter valued at approximately $137,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Semtech Corporation in the first quarter valued at approximately $144,000. 94.42% of the stock is currently owned by institutional investors.
Semtech Corporation Company Profile
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.
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