Cowen Cuts Semtech (NASDAQ:SMTC) Price Target to $54.00

Semtech (NASDAQ:SMTC) had its price objective trimmed by Cowen from $56.00 to $54.00 in a research report report published on Monday, Briefing.com Automated Import reports. They currently have an outperform rating on the semiconductor company’s stock.

Several other analysts have also recently weighed in on the stock. Oppenheimer decreased their price objective on shares of Semtech from $60.00 to $52.00 and set an outperform rating on the stock in a research note on Thursday, May 30th. B. Riley decreased their price objective on shares of Semtech from $60.00 to $55.00 and set a buy rating on the stock in a research note on Thursday, August 29th. Zacks Investment Research raised shares of Semtech from a strong sell rating to a hold rating in a research note on Tuesday, May 14th. BidaskClub cut shares of Semtech from a sell rating to a strong sell rating in a research note on Wednesday, August 28th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $50.00 price objective (down from $55.00) on shares of Semtech in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $54.45.

NASDAQ SMTC opened at $48.29 on Monday. The stock has a market cap of $3.02 billion, a P/E ratio of 36.31, a PEG ratio of 3.46 and a beta of 1.87. The company’s 50-day simple moving average is $46.26 and its 200 day simple moving average is $49.03. Semtech has a twelve month low of $39.54 and a twelve month high of $60.55. The company has a quick ratio of 3.42, a current ratio of 4.10 and a debt-to-equity ratio of 0.27.



Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Wednesday, August 28th. The semiconductor company reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.03. The firm had revenue of $137.10 million for the quarter, compared to analysts’ expectations of $134.85 million. Semtech had a net margin of 7.34% and a return on equity of 12.91%. The company’s quarterly revenue was down 16.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.55 earnings per share. Research analysts anticipate that Semtech will post 1.09 earnings per share for the current year.

In other news, VP Mark C. Costello sold 12,046 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $45.46, for a total transaction of $547,611.16. Following the transaction, the vice president now directly owns 12,041 shares in the company, valued at $547,383.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sylvia Summers sold 6,487 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $46.31, for a total transaction of $300,412.97. Following the transaction, the director now owns 20,000 shares in the company, valued at $926,200. The disclosure for this sale can be found here. Insiders have sold 94,771 shares of company stock worth $4,521,495 over the last quarter. 1.96% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. Prudential PLC lifted its position in shares of Semtech by 127.6% during the second quarter. Prudential PLC now owns 990,900 shares of the semiconductor company’s stock worth $47,613,000 after purchasing an additional 555,500 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in Semtech in the second quarter valued at approximately $38,749,000. Victory Capital Management Inc. lifted its holdings in Semtech by 60.2% in the second quarter. Victory Capital Management Inc. now owns 83,220 shares of the semiconductor company’s stock valued at $3,999,000 after buying an additional 31,260 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in Semtech by 79.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 242,009 shares of the semiconductor company’s stock valued at $11,629,000 after buying an additional 107,209 shares during the period. Finally, Point72 Hong Kong Ltd lifted its holdings in Semtech by 28.1% in the second quarter. Point72 Hong Kong Ltd now owns 1,450 shares of the semiconductor company’s stock valued at $70,000 after buying an additional 318 shares during the period. Institutional investors own 96.35% 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, and communications applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.

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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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