Needham & Company LLC cut shares of Semtech (NASDAQ:SMTC) from a buy rating to a hold rating in a research note published on Tuesday morning, MarketBeat.com reports. Needham & Company LLC currently has $42.00 target price on the semiconductor company’s stock.

“With strong contributions YTD in 2018 from all of its growth segments, including LoRa transceivers, data center CDRs and protection devices, and better than expected sales of its PON and base station solutions, SMTC shares are up 74.7% YTD vs. 9.9% for the S&P500 Index. SMTC shares closed $59.75, only $0.25 from our recently raised PT of $60. SMTC shares currently trade at an enterprise value of 5.5X expected CY19 sales and at a 22.5x P/E multiple of expected CY19 NG EPS. SMTC now trades at a premium to many of its analog/mixed- signal peers and near valuation levels at which peer IDTI may be acquired according to reports from Nikkei Asian Review. At current valuation levels, we see the risk/reward profile as more balanced. Accordingly, we downgrade the shares to Hold from Buy.”,” Needham & Company LLC’s analyst wrote.

A number of other equities analysts have also recently commented on SMTC. Stifel Nicolaus raised their target price on Semtech from $60.00 to $64.00 and gave the company a buy rating in a report on Thursday, August 30th. BidaskClub cut Semtech from a buy rating to a hold rating in a report on Saturday, June 30th. B. Riley raised their target price on Semtech from $57.00 to $68.00 and gave the company a buy rating in a report on Thursday, June 21st. BWS Financial raised their target price on Semtech from $40.00 to $70.00 and gave the company a buy rating in a report on Thursday, June 21st. Finally, Oppenheimer raised their target price on Semtech from $50.00 to $58.00 and gave the company an outperform rating in a report on Thursday, June 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $57.70.

Shares of NASDAQ:SMTC opened at $59.75 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 4.13 and a quick ratio of 3.62. The stock has a market cap of $3.96 billion, a P/E ratio of 42.68, a price-to-earnings-growth ratio of 10.56 and a beta of 1.49. Semtech has a 12-month low of $31.30 and a 12-month high of $60.05.

Semtech (NASDAQ:SMTC) last announced its earnings results on Wednesday, August 29th. The semiconductor company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Semtech had a return on equity of 12.66% and a net margin of 8.48%. The company had revenue of $163.20 million during the quarter, compared to analysts’ expectations of $161.21 million. During the same period last year, the business posted $0.48 EPS. Semtech’s revenue for the quarter was up 6.6% on a year-over-year basis. sell-side analysts forecast that Semtech will post 1.13 EPS for the current year.

In other news, SVP Asaf Silberstein sold 21,740 shares of Semtech stock in a transaction dated Wednesday, June 20th. The stock was sold at an average price of $50.10, for a total value of $1,089,174.00. Following the completion of the transaction, the senior vice president now owns 45,616 shares in the company, valued at approximately $2,285,361.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Emeka Chukwu sold 13,000 shares of Semtech stock in a transaction dated Friday, July 13th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer now owns 103,430 shares of the company’s stock, valued at approximately $5,184,945.90. The disclosure for this sale can be found here. Insiders sold a total of 89,681 shares of company stock valued at $4,397,454 in the last quarter. Company insiders own 2.30% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in SMTC. Rhumbline Advisers boosted its stake in shares of Semtech by 2.1% in the 1st quarter. Rhumbline Advisers now owns 155,120 shares of the semiconductor company’s stock valued at $6,057,000 after buying an additional 3,263 shares during the period. Comerica Bank boosted its stake in shares of Semtech by 2.1% in the 1st quarter. Comerica Bank now owns 69,727 shares of the semiconductor company’s stock valued at $2,984,000 after buying an additional 1,426 shares during the period. American Century Companies Inc. boosted its stake in shares of Semtech by 228.4% in the 1st quarter. American Century Companies Inc. now owns 112,372 shares of the semiconductor company’s stock valued at $4,388,000 after buying an additional 78,149 shares during the period. Parametrica Management Ltd purchased a new position in shares of Semtech in the 1st quarter valued at about $400,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Semtech by 1,106.5% in the 1st quarter. Victory Capital Management Inc. now owns 62,822 shares of the semiconductor company’s stock valued at $2,453,000 after buying an additional 57,615 shares during the period. Institutional investors and hedge funds own 96.60% of the company’s stock.

Semtech Company Profile

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.

Further Reading: What do I need to know about analyst ratings?

Analyst Recommendations for Semtech (NASDAQ:SMTC)

Receive News & Ratings for Semtech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Semtech and related companies with MarketBeat.com's FREE daily email newsletter.