Semtech (NASDAQ:SMTC) Stock Rating Upgraded by Wall Street Zen

Semtech (NASDAQ:SMTC) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

SMTC has been the topic of several other reports. Benchmark raised their price objective on Semtech from $68.00 to $76.00 and gave the stock a “buy” rating in a report on Tuesday, September 9th. Needham & Company LLC increased their price target on Semtech from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Craig Hallum raised their price target on Semtech from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. TD Cowen initiated coverage on shares of Semtech in a research note on Wednesday, October 1st. They issued a “buy” rating and a $75.00 price objective for the company. Finally, Northland Securities increased their target price on shares of Semtech from $48.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, August 26th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $65.36.

Semtech Stock Performance

Shares of NASDAQ:SMTC opened at $67.78 on Friday. The firm’s 50 day simple moving average is $60.89 and its 200-day simple moving average is $47.19. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. Semtech has a one year low of $24.05 and a one year high of $79.52. The firm has a market cap of $5.88 billion, a PE ratio of 282.42 and a beta of 2.01.

Insider Activity

In related news, Director Martin Burvill sold 3,500 shares of the stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $62.75, for a total transaction of $219,625.00. Following the completion of the sale, the director owned 6,909 shares of the company’s stock, valued at $433,539.75. This represents a 33.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Lin sold 971 shares of the firm’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $72.83, for a total transaction of $70,717.93. Following the completion of the sale, the chief financial officer owned 17,844 shares of the company’s stock, valued at approximately $1,299,578.52. This trade represents a 5.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Institutional Trading of Semtech

Several hedge funds and other institutional investors have recently made changes to their positions in SMTC. Bessemer Group Inc. grew its stake in Semtech by 78.4% during the 2nd quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company’s stock worth $29,000 after buying an additional 287 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Semtech in the second quarter worth about $33,000. Smartleaf Asset Management LLC boosted its holdings in Semtech by 33.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 257 shares in the last quarter. Archer Investment Corp purchased a new stake in shares of Semtech during the first quarter worth about $64,000. Finally, Strs Ohio purchased a new stake in shares of Semtech during the first quarter worth about $65,000.

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.