Needham & Company LLC Reaffirms “Buy” Rating for Semtech (SMTC)

Needham & Company LLC reissued their buy rating on shares of Semtech (NASDAQ:SMTC) in a research note issued to investors on Friday morning. Needham & Company LLC currently has a $45.00 price objective on the semiconductor company’s stock.

“We hosted investor meetings with Semtech’s CEO, Mohan Maheswaran, in New York and Boston this week. Our meetings focused on SMTC’s three main growth drivers-LoRa, Protection, and Data Center. The meetings also highlighted the positive surprise seen during F4Q18 in the PON business, which helped offset weakness in base station revenue. While management expects the base station market to remain weak through at least F1H19, the PON market continues to look stronger than originally anticipated in FY19. We came away incrementally more positive from these meetings as we believe the growth drivers remain on track and may provide upside to our estimates. We reiterate our Buy rating and $45 price target.”,” Needham & Company LLC’s analyst commented.

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SMTC has been the topic of a number of other research reports. Royal Bank of Canada lifted their price objective on shares of Semtech to $39.00 and gave the stock a market perform rating in a research report on Thursday, March 15th. ValuEngine raised shares of Semtech from a hold rating to a buy rating in a research report on Tuesday, March 20th. BidaskClub raised shares of Semtech from a sell rating to a hold rating in a research report on Thursday, January 11th. Summit Insights raised shares of Semtech from a hold rating to a buy rating in a research report on Thursday, March 15th. Finally, Roth Capital set a $45.00 price objective on shares of Semtech and gave the stock a buy rating in a research report on Thursday, March 15th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $43.44.

Semtech (SMTC) opened at $39.30 on Friday. The company has a current ratio of 3.65, a quick ratio of 3.09 and a debt-to-equity ratio of 0.32. The company has a market cap of $2,614.28, a PE ratio of 71.45, a price-to-earnings-growth ratio of 6.83 and a beta of 1.41. Semtech has a 12-month low of $31.30 and a 12-month high of $41.95.

Semtech (NASDAQ:SMTC) last posted its earnings results on Wednesday, March 14th. The semiconductor company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $142.11 million for the quarter, compared to the consensus estimate of $140.49 million. Semtech had a net margin of 6.20% and a return on equity of 13.34%. The company’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter last year, the firm posted $0.37 EPS. equities research analysts expect that Semtech will post 1.15 earnings per share for the current fiscal year.

In related news, CFO Emeka Chukwu sold 2,000 shares of Semtech stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $34.32, for a total value of $68,640.00. Following the completion of the sale, the chief financial officer now directly owns 71,776 shares in the company, valued at approximately $2,463,352.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Sharon K. Faltemier sold 7,408 shares of Semtech stock in a transaction that occurred on Wednesday, March 21st. The stock was sold at an average price of $41.49, for a total transaction of $307,357.92. Following the completion of the sale, the senior vice president now owns 13,386 shares of the company’s stock, valued at $555,385.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 149,813 shares of company stock worth $5,383,608. Insiders own 2.10% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System boosted its stake in Semtech by 6.3% in the 4th quarter. Louisiana State Employees Retirement System now owns 28,500 shares of the semiconductor company’s stock worth $975,000 after purchasing an additional 1,700 shares in the last quarter. Rhumbline Advisers boosted its stake in Semtech by 1.9% in the 3rd quarter. Rhumbline Advisers now owns 130,593 shares of the semiconductor company’s stock worth $4,904,000 after purchasing an additional 2,421 shares in the last quarter. American International Group Inc. boosted its stake in Semtech by 5.8% in the 3rd quarter. American International Group Inc. now owns 51,537 shares of the semiconductor company’s stock worth $1,935,000 after purchasing an additional 2,843 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Semtech in the 3rd quarter worth approximately $133,000. Finally, Profund Advisors LLC boosted its stake in Semtech by 16.6% in the 4th quarter. Profund Advisors LLC now owns 25,535 shares of the semiconductor company’s stock worth $873,000 after purchasing an additional 3,640 shares in the last quarter. Institutional investors own 97.64% of the company’s stock.

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About Semtech

Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.

Analyst Recommendations for Semtech (NASDAQ:SMTC)

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