Semtech (NASDAQ:SMTC) Trading Up 5.9% – Time to Buy?

Semtech Co. (NASDAQ:SMTC) rose 5.9% on Wednesday . The stock traded as high as $41.03 and last traded at $40.92. Approximately 911,686 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 2,182,070 shares. The stock had previously closed at $38.65.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Semtech in a report on Friday, March 14th. Benchmark dropped their price objective on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 14th. Robert W. Baird lowered their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. UBS Group lowered their target price on Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, Stifel Nicolaus lowered their price objective on Semtech from $60.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Semtech currently has an average rating of “Moderate Buy” and a consensus price target of $61.55.

Semtech Stock Down 2.5 %

The company has a fifty day simple moving average of $49.58 and a 200-day simple moving average of $51.08. The firm has a market cap of $3.00 billion, a P/E ratio of -3.04, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. Semtech’s revenue was up 30.1% on a year-over-year basis. As a group, research analysts forecast that Semtech Co. will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Semtech news, SVP Imran Sherazi sold 1,338 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the sale, the senior vice president now directly owns 14 shares of the company’s stock, valued at $1,050. The trade was a 98.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Lin sold 10,890 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. This represents a 48.37 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,577 shares of company stock worth $884,310. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Hollencrest Capital Management bought a new position in shares of Semtech during the fourth quarter valued at approximately $31,000. Dunhill Financial LLC bought a new position in Semtech in the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC grew its stake in Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 505 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in Semtech in the fourth quarter worth approximately $52,000. Finally, AlphaQuest LLC grew its stake in Semtech by 173.5% in the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 772 shares in the last quarter.

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.