Semtech (NASDAQ:SMTC) Trading Up 6.1% – Should You Buy?

Semtech Co. (NASDAQ:SMTC) shot up 6.1% during mid-day trading on Friday . The stock traded as high as $36.99 and last traded at $37.20. 534,320 shares traded hands during trading, a decline of 81% from the average session volume of 2,748,700 shares. The stock had previously closed at $35.06.

Analyst Ratings Changes

Several brokerages recently issued reports on SMTC. Susquehanna increased their target price on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Benchmark raised their price objective on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Stifel Nicolaus reduced their price objective on shares of Semtech from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday, February 10th. Roth Mkm lifted their price objective on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, B. Riley lifted their price objective on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Semtech has an average rating of “Moderate Buy” and an average price target of $67.91.

Semtech Price Performance

The firm has a market capitalization of $2.89 billion, a PE ratio of -2.93, a PEG ratio of 2.12 and a beta of 1.64. The firm’s fifty day moving average is $57.53 and its two-hundred day moving average is $51.35.

Insider Buying and Selling

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the sale, the chief operating officer now owns 76,417 shares of the company’s stock, valued at approximately $5,349,190. The trade was a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Lin sold 2,990 shares of Semtech stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total transaction of $177,755.50. Following the completion of the sale, the chief financial officer now directly owns 5,446 shares in the company, valued at approximately $323,764.70. This represents a 35.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,747 shares of company stock worth $1,095,061. 0.60% of the stock is owned by insiders.

Institutional Trading of Semtech

Hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank raised its position in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 302 shares during the period. Hollencrest Capital Management bought a new stake in Semtech in the fourth quarter worth about $31,000. Dunhill Financial LLC bought a new stake in Semtech in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC raised its position 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 acquiring an additional 505 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in Semtech in the fourth quarter worth about $52,000.

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.