Benchmark Issues Positive Forecast for Semtech (NASDAQ:SMTC) Stock Price

Semtech (NASDAQ:SMTC) had its price objective hoisted by research analysts at Benchmark from $85.00 to $115.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price objective points to a potential upside of 27.54% from the company’s previous close.

Several other equities analysts also recently weighed in on the stock. Susquehanna lifted their target price on shares of Semtech from $65.00 to $80.00 and gave the stock a “positive” rating in a research note on Tuesday, November 18th. Oppenheimer reiterated an “outperform” rating and issued a $81.00 price objective on shares of Semtech in a research note on Tuesday, November 25th. Morgan Stanley set a $67.00 target price on shares of Semtech in a report on Tuesday, November 25th. Wall Street Zen lowered Semtech from a “strong-buy” rating to a “buy” rating in a report on Monday, January 26th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $80.00 price objective on shares of Semtech in a research note on Tuesday, November 25th. Fourteen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.36.

Semtech Stock Down 6.4%

SMTC stock opened at $90.17 on Wednesday. The stock has a fifty day moving average of $81.98 and a 200-day moving average of $71.98. Semtech has a fifty-two week low of $24.05 and a fifty-two week high of $96.46. The company has a market capitalization of $8.34 billion, a price-to-earnings ratio of 290.87 and a beta of 1.99. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.71 and a current ratio of 2.43.

Insider Buying and Selling

In related news, insider John Michael Wilson sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $75.12, for a total value of $375,600.00. Following the sale, the insider directly owned 60,066 shares of the company’s stock, valued at $4,512,157.92. This trade represents a 7.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Saar Gillai sold 3,600 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $75.26, for a total transaction of $270,936.00. Following the completion of the transaction, the director directly owned 9,523 shares of the company’s stock, valued at approximately $716,700.98. This represents a 27.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 26,967 shares of company stock valued at $2,236,108 in the last 90 days. 0.48% of the stock is owned by company insiders.

Hedge Funds Weigh In On Semtech

Institutional investors and hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund grew its holdings in 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 worth $19,839,000 after acquiring an additional 99,335 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Semtech by 24.4% in 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. EFG Asset Management North America Corp. raised its holdings in Semtech by 15.6% in the second quarter. EFG Asset Management North America Corp. now owns 94,872 shares of the semiconductor company’s stock worth $4,282,000 after purchasing an additional 12,796 shares in the last quarter. Lisanti Capital Growth LLC bought a new position in shares of Semtech in the 3rd quarter worth about $4,318,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Semtech during the 3rd quarter valued at about $9,160,000.

About Semtech

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.