Semtech (NASDAQ:SMTC) Given New $70.00 Price Target at Stifel Nicolaus

Semtech (NASDAQ:SMTC) had its price target cut by Stifel Nicolaus from $75.00 to $70.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Other equities research analysts also recently issued research reports about the company. Roth Mkm upped their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Susquehanna boosted their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Piper Sandler reiterated an “overweight” rating and issued a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research note on Monday. Northland Securities lifted their price target on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Finally, Benchmark upped their price objective on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.91.

Semtech Trading Down 31.0 %

Shares of NASDAQ SMTC opened at $37.60 on Monday. Semtech has a 1-year low of $19.12 and a 1-year high of $79.52. The firm has a market capitalization of $2.85 billion, a P/E ratio of -2.88, a P/E/G ratio of 2.98 and a beta of 1.64. The firm’s 50-day moving average price is $65.34 and its 200-day moving average price is $50.80.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. During the same quarter in the prior year, the firm earned $0.02 EPS. The company’s revenue was up 17.9% compared to the same quarter last year.

Insider Activity

In related news, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the sale, the senior vice president now owns 14 shares in the company, valued at approximately $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Lin sold 6,114 shares of Semtech stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the sale, the chief financial officer now directly owns 3,531 shares of the company’s stock, valued at $232,127.94. This represents a 63.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,747 shares of company stock worth $1,095,061. 0.60% of the stock is owned by corporate insiders.

Institutional Trading of Semtech

A number of large investors have recently modified their holdings of SMTC. Huntington National Bank raised its stake in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of Semtech during the 4th quarter valued at $31,000. Smartleaf Asset Management LLC lifted its holdings in shares of Semtech by 190.6% during the 4th 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 last quarter. NBC Securities Inc. grew its position in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 739 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in Semtech by 173.5% in the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock valued at $75,000 after acquiring an additional 772 shares during the last quarter.

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.