Semtech (NASDAQ:SMTC) Trading Up 9.6% – What’s Next?

Shares of Semtech Co. (NASDAQ:SMTC) traded up 9.6% during mid-day trading on Thursday . The stock traded as high as $66.89 and last traded at $66.10. 404,557 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 1,903,760 shares. The stock had previously closed at $60.30.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SMTC shares. Needham & Company LLC raised their target price on Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Craig Hallum raised their price objective on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Susquehanna upped their target price on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Northland Securities raised their price target on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Finally, Stifel Nicolaus upped their price objective on shares of Semtech from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.09.

Semtech Trading Up 11.1 %

The business has a fifty day moving average price of $65.15 and a two-hundred day moving average price of $49.14. The firm has a market capitalization of $5.07 billion, a PE ratio of -5.16 and a beta of 1.65.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. Semtech’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 earnings per share.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 1,359 shares of Semtech stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $65.15, for a total value of $88,538.85. Following the transaction, the chief financial officer now directly owns 4,164 shares in the company, valued at approximately $271,284.60. This trade represents a 24.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the sale, the senior vice president now directly owns 14 shares of the company’s stock, valued at approximately $1,050. This represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,757 shares of company stock valued at $917,305 over the last quarter. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

Several institutional investors have recently bought and sold shares of SMTC. Mutual of America Capital Management LLC raised its holdings in Semtech by 6.3% during the third quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock worth $515,000 after purchasing an additional 673 shares in the last quarter. Moody National Bank Trust Division increased its position in Semtech by 148.6% during the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after purchasing an additional 12,296 shares during the period. Intech Investment Management LLC increased its position in Semtech by 128.3% during the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock worth $1,394,000 after purchasing an additional 17,150 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Semtech by 100.2% in the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock valued at $1,626,000 after buying an additional 17,823 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Semtech by 135.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock valued at $1,943,000 after buying an additional 24,517 shares during the period.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial 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.