Semtech (NASDAQ:SMTC) Shares Gap Up – Here’s What Happened

Semtech Corporation (NASDAQ:SMTC) gapped up before the market opened on Thursday . The stock had previously closed at $64.49, but opened at $69.32. Semtech shares last traded at $68.2090, with a volume of 111,000 shares.

Analysts Set New Price Targets

SMTC has been the topic of several recent research reports. TD Cowen started coverage on shares of Semtech in a research note on Wednesday, October 1st. They issued a “buy” rating and a $75.00 price objective on the stock. Piper Sandler lifted their target price on shares of Semtech from $55.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, August 26th. Benchmark increased their price target on shares of Semtech from $68.00 to $76.00 and gave the stock a “buy” rating in a report on Tuesday, September 9th. Cowen assumed coverage on shares of Semtech in a research report on Tuesday, September 30th. They issued a “buy” rating for the company. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Semtech in a research report on Wednesday, October 8th. 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.93.

Semtech Price Performance

The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 274.40 and a beta of 2.03. The company’s 50 day moving average is $66.92 and its 200 day moving average is $53.63. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.53 and a quick ratio of 1.78.

Insider Activity

In related news, Director Paul V. Walsh, Jr. sold 500 shares of Semtech stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $66.24, for a total transaction of $33,120.00. Following the completion of the transaction, the director directly owned 26,779 shares of the company’s stock, valued at approximately $1,773,840.96. The trade was a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Martin Burvill sold 3,500 shares of the business’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total value of $219,625.00. Following the sale, the director owned 6,909 shares in the company, valued at approximately $433,539.75. The trade was a 33.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 4,971 shares of company stock worth $323,463. Company insiders own 0.48% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bessemer Group Inc. grew its stake in Semtech by 78.4% in the 2nd quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 287 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Semtech in the second quarter valued at about $33,000. Smartleaf Asset Management LLC grew its position in shares of Semtech by 33.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 257 shares during the last quarter. Hantz Financial Services Inc. grew its position in shares of Semtech by 243.2% in the third quarter. Hantz Financial Services Inc. now owns 508 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 360 shares during the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in shares of Semtech during the 3rd quarter worth approximately $41,000.

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.