Semtech (NASDAQ:SMTC) Shares Up 3.6%

Semtech Co. (NASDAQ:SMTC) shares shot up 3.6% during trading on Tuesday . The stock traded as high as $38.45 and last traded at $38.39. 1,140,370 shares changed hands during trading, a decline of 42% from the average session volume of 1,980,627 shares. The stock had previously closed at $37.05.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Susquehanna boosted their price objective on Semtech from $30.00 to $45.00 and gave the stock a “positive” rating in a research report on Monday, April 1st. Robert W. Baird lifted their price objective on shares of Semtech from $40.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Needham & Company LLC boosted their target price on shares of Semtech from $26.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Piper Sandler restated an “overweight” rating and set a $40.00 price objective (up previously from $30.00) on shares of Semtech in a research report on Monday, April 1st. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Semtech in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $39.85.

Semtech Stock Up 1.5 %

The company has a quick ratio of 1.79, a current ratio of 2.46 and a debt-to-equity ratio of 4.11. The stock has a market capitalization of $2.43 billion, a PE ratio of -2.21 and a beta of 1.85. The firm’s fifty day moving average is $27.00 and its 200-day moving average is $21.67.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Thursday, March 28th. The semiconductor company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.05). Semtech had a negative net margin of 125.70% and a negative return on equity of 9.41%. The business had revenue of $192.95 million during the quarter, compared to analyst estimates of $191.24 million. On average, equities research analysts predict that Semtech Co. will post -0.09 earnings per share for the current year.

Insider Transactions at Semtech

In related news, CFO Mark Lin acquired 1,000 shares of Semtech stock in a transaction that occurred on Monday, April 8th. The stock was purchased at an average price of $33.23 per share, for a total transaction of $33,230.00. Following the completion of the purchase, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at $33,230. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Semtech

Several hedge funds have recently added to or reduced their stakes in SMTC. Ameriprise Financial Inc. raised its holdings in Semtech by 58.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,958,316 shares of the semiconductor company’s stock valued at $101,927,000 after acquiring an additional 1,466,665 shares during the last quarter. Kodai Capital Management LP acquired a new position in Semtech during the fourth quarter worth approximately $43,504,000. Contour Asset Management LLC raised its position in shares of Semtech by 2.6% in the 4th quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock worth $32,072,000 after buying an additional 36,838 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Semtech by 81.1% in the 4th quarter. Victory Capital Management Inc. now owns 1,369,043 shares of the semiconductor company’s stock worth $29,996,000 after purchasing an additional 613,274 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Semtech by 19.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,217,670 shares of the semiconductor company’s stock valued at $26,679,000 after buying an additional 197,595 shares during the period.

Semtech Company Profile

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.