Semtech (NASDAQ:SMTC) Given New $54.00 Price Target at Stifel Nicolaus

Semtech (NASDAQ:SMTC) had its price target reduced by Stifel Nicolaus from $60.00 to $54.00 in a research report released on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the semiconductor company’s stock.

SMTC has been the subject of a number of other research reports. Piper Sandler restated an “overweight” rating and issued a $55.00 price target (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. B. Riley lifted their price objective on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Roth Mkm lifted their price objective on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. UBS Group started coverage on shares of Semtech in a report on Friday, January 17th. They issued a “buy” rating and a $85.00 price objective for the company. Finally, Robert W. Baird decreased their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $61.55.

Semtech Trading Up 21.1 %

Shares of NASDAQ:SMTC opened at $39.60 on Friday. The company has a fifty day simple moving average of $51.73 and a 200 day simple moving average of $51.13. The firm has a market cap of $3.00 billion, a PE ratio of -3.03, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69. Semtech has a 12-month low of $21.56 and a 12-month high of $79.52.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) EPS. As a group, equities research analysts forecast that Semtech will post -0.02 EPS for the current fiscal year.

Insider Activity

In related news, CFO Mark Lin sold 6,114 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the completion of the sale, the chief financial officer now owns 3,531 shares of the company’s stock, valued at $232,127.94. This represents a 63.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at $5,349,190. The trade was a 2.55 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,637 shares of company stock valued at $1,472,726. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Semtech

Several institutional investors have recently bought and sold shares of the stock. Mutual of America Capital Management LLC raised its position in Semtech by 6.3% in the third quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock worth $515,000 after acquiring an additional 673 shares in the last quarter. Moody National Bank Trust Division raised its position in Semtech by 148.6% in the fourth quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after acquiring an additional 12,296 shares in the last quarter. Principal Financial Group Inc. raised its position in Semtech by 15.8% in the fourth quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company’s stock worth $25,396,000 after acquiring an additional 56,108 shares in the last quarter. Rhumbline Advisers raised its position in Semtech by 6.1% in the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company’s stock worth $12,702,000 after acquiring an additional 11,878 shares in the last quarter. Finally, Convergence Investment Partners LLC bought a new stake in Semtech in the fourth quarter worth about $2,680,000.

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.