Semtech (NASDAQ:SMTC) Stock Price Expected to Rise, Benchmark Analyst Says

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

A number of other research firms also recently weighed in on SMTC. Morgan Stanley set a $67.00 target price on shares of Semtech in a research report on Tuesday, November 25th. TD Cowen reissued a “buy” rating on shares of Semtech in a research report on Tuesday, February 24th. Roth Mkm raised their target price on Semtech from $65.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Piper Sandler reissued an “overweight” rating and issued a $95.00 price target (up from $70.00) on shares of Semtech in a research note on Thursday, December 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Semtech in a report on Tuesday, November 25th. Fourteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from 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%

NASDAQ:SMTC opened at $90.17 on Wednesday. Semtech has a one year low of $24.05 and a one year high of $96.46. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.43 and a quick ratio of 1.71. The company has a market cap of $8.34 billion, a PE ratio of 290.87 and a beta of 1.99. The firm’s 50 day simple moving average is $81.98 and its 200 day simple moving average is $71.98.

Insider Buying and Selling

In related news, Director Paul V. Walsh, Jr. sold 500 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $78.25, for a total value of $39,125.00. Following the transaction, the director owned 25,279 shares of the company’s stock, valued at approximately $1,978,081.75. This trade represents a 1.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Asaf Silberstein sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $92.00, for a total value of $920,000.00. Following the sale, the chief operating officer directly owned 68,496 shares of the company’s stock, valued at $6,301,632. This represents a 12.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,967 shares of company stock worth $2,236,108 over the last ninety days. Insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Alpine Global Management LLC bought a new stake in Semtech in the 4th quarter worth about $368,000. Pacer Advisors Inc. boosted its holdings in shares of Semtech by 38.8% in the 4th quarter. Pacer Advisors Inc. now owns 16,129 shares of the semiconductor company’s stock worth $1,189,000 after buying an additional 4,509 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Semtech by 23.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,987,888 shares of the semiconductor company’s stock worth $146,488,000 after buying an additional 374,548 shares during the last quarter. Invesco Ltd. increased its holdings in Semtech by 20.3% during the fourth quarter. Invesco Ltd. now owns 1,251,104 shares of the semiconductor company’s stock worth $92,194,000 after buying an additional 211,149 shares during the last quarter. Finally, Corient Private Wealth LLC bought a new stake in Semtech in the fourth quarter worth about $217,000.

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.