Semtech (NASDAQ:SMTC) Price Target Cut to $60.00 by Analysts at UBS Group

Semtech (NASDAQ:SMTC) had its target price dropped by analysts at UBS Group from $65.00 to $60.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. UBS Group’s price target points to a potential upside of 58.65% from the company’s current price.

A number of other brokerages also recently weighed in on SMTC. Piper Sandler restated an “overweight” rating and issued a $55.00 target price (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Stifel Nicolaus dropped their target price on shares of Semtech from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday. Roth Mkm raised their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Susquehanna upped their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Finally, Northland Securities raised their target price on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.55.

Semtech Stock Performance

Shares of NASDAQ SMTC traded up $5.11 during trading on Friday, hitting $37.82. 2,561,214 shares of the company traded hands, compared to its average volume of 2,793,820. The business’s fifty day moving average is $52.84 and its 200 day moving average is $51.25. Semtech has a fifty-two week low of $21.56 and a fifty-two week high of $79.52. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -2.89, a P/E/G ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. Semtech’s revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.06) EPS. On average, analysts predict that Semtech will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other Semtech news, SVP Imran Sherazi sold 2,946 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the sale, the senior vice president now directly owns 6,317 shares of the company’s stock, valued at $399,866.10. The trade was a 31.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 10,890 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now directly owns 11,625 shares in the company, valued at $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,637 shares of company stock worth $1,472,726 in the last ninety days. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Semtech

Several hedge funds and other institutional investors have recently modified their holdings of SMTC. Huntington National Bank grew its stake in shares of 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 purchasing an additional 302 shares during the last quarter. Hollencrest Capital Management bought a new stake in shares of Semtech in the 4th quarter worth approximately $31,000. Dunhill Financial LLC purchased a new position in shares of Semtech during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC increased its stake in shares of Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 505 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Semtech during the fourth quarter valued at approximately $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.