Semtech (NASDAQ:SMTC) Raised to “Sell” at BidaskClub

BidaskClub upgraded shares of Semtech (NASDAQ:SMTC) from a strong sell rating to a sell rating in a report issued on Friday, BidAskClub reports.

Several other analysts have also recently commented on SMTC. ValuEngine cut shares of Semtech from a buy rating to a hold rating in a research note on Thursday, May 30th. Oppenheimer reduced their target price on shares of Semtech from $60.00 to $52.00 and set an outperform rating for the company in a research note on Thursday, May 30th. B. Riley reduced their target price on shares of Semtech from $65.00 to $60.00 and set a buy rating for the company in a research note on Thursday, May 30th. Cowen began coverage on shares of Semtech in a research note on Tuesday, May 21st. They issued an outperform rating and a $56.00 target price for the company. Finally, Wells Fargo & Co began coverage on shares of Semtech in a research note on Tuesday, May 14th. They issued an outperform rating and a $48.03 target price for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $55.00.

Shares of NASDAQ:SMTC opened at $46.32 on Friday. The firm has a market cap of $3.09 billion, a P/E ratio of 34.83, a price-to-earnings-growth ratio of 3.36 and a beta of 1.81. The company has a quick ratio of 3.71, a current ratio of 4.42 and a debt-to-equity ratio of 0.27. Semtech has a 1-year low of $39.54 and a 1-year high of $60.55.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Wednesday, May 29th. The semiconductor company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.16. The firm had revenue of $131.40 million during the quarter, compared to analysts’ expectations of $130.40 million. Semtech had a net margin of 10.18% and a return on equity of 14.05%. Semtech’s quarterly revenue was down 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 EPS. As a group, research analysts expect that Semtech will post 1.15 earnings per share for the current fiscal year.

In related news, CFO Emeka Chukwu sold 1,100 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $52.00, for a total value of $57,200.00. Following the completion of the sale, the chief financial officer now owns 128,986 shares in the company, valued at $6,707,272. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alisair Fulton sold 500 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $52.78, for a total transaction of $26,390.00. Following the completion of the sale, the vice president now owns 1,882 shares of the company’s stock, valued at approximately $99,331.96. The disclosure for this sale can be found here. Insiders sold 52,746 shares of company stock valued at $2,426,627 in the last quarter. Company insiders own 1.96% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. purchased a new position in Semtech during the 1st quarter valued at about $27,000. Pearl River Capital LLC purchased a new position in Semtech during the 4th quarter valued at about $25,000. Cornerstone Advisors Inc. increased its holdings in Semtech by 3,725.0% during the 1st quarter. Cornerstone Advisors Inc. now owns 612 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 596 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in Semtech during the 4th quarter valued at about $60,000. Finally, Starr International Co. Inc. purchased a new position in Semtech during the 1st quarter valued at about $131,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications 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.

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Analyst Recommendations for Semtech (NASDAQ:SMTC)

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