Cowen Initiates Coverage on Semtech (SMTC)

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Cowen started coverage on shares of Semtech (NASDAQ:SMTC) in a research note published on Tuesday, The Fly reports. The firm issued an outperform rating on the semiconductor company’s stock.

A number of other equities research analysts also recently commented on the stock. Wells Fargo & Co assumed coverage on shares of Semtech in a research report on Tuesday, May 14th. They issued an outperform rating and a $48.03 price objective for the company. Zacks Investment Research upgraded shares of Semtech from a strong sell rating to a hold rating in a research report on Tuesday, May 14th. BidaskClub downgraded shares of Semtech from a hold rating to a sell rating in a research report on Friday, May 10th. Loop Capital upgraded shares of Semtech to a buy rating in a research report on Monday, March 18th. Finally, B. Riley reduced their price objective on shares of Semtech from $68.00 to $65.00 and set a buy rating for the company in a research report on Thursday, March 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. Semtech presently has a consensus rating of Buy and a consensus target price of $58.09.

Shares of NASDAQ:SMTC opened at $44.76 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.74 and a quick ratio of 3.25. The stock has a market capitalization of $2.92 billion, a P/E ratio of 33.65, a PEG ratio of 2.95 and a beta of 1.65. Semtech has a 52 week low of $41.28 and a 52 week high of $60.55.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Wednesday, March 13th. The semiconductor company reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.02. The firm had revenue of $160.00 million during the quarter, compared to the consensus estimate of $158.48 million. Semtech had a net margin of 10.05% and a return on equity of 13.94%. The firm’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 earnings per share. On average, sell-side analysts anticipate that Semtech will post 1.2 earnings per share for the current fiscal year.

In other news, insider Mohan Maheswaran sold 25,000 shares of Semtech stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $52.48, for a total transaction of $1,312,000.00. Following the completion of the sale, the insider now directly owns 241,714 shares in the company, valued at approximately $12,685,150.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ye Jane Li sold 5,000 shares of Semtech stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $54.97, for a total transaction of $274,850.00. Following the sale, the director now owns 7,328 shares of the company’s stock, valued at $402,820.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,114 shares of company stock valued at $6,534,966. Insiders own 1.96% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Cullen Frost Bankers Inc. acquired a new stake in shares of Semtech during the 1st quarter valued at approximately $27,000. Pearl River Capital LLC acquired a new stake in shares of Semtech during the 4th quarter valued at approximately $25,000. Cutler Group LP acquired a new stake in shares of Semtech during the 4th quarter valued at approximately $27,000. Enlightenment Research LLC acquired a new stake in shares of Semtech during the 4th quarter valued at approximately $28,000. Finally, Cornerstone Advisors Inc. lifted its position in shares of 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 during the period. Institutional investors own 97.75% 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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