Stifel Nicolaus Lowers Semtech (NASDAQ:SMTC) Price Target to $54.00

Semtech (NASDAQ:SMTC) had its target price reduced by equities researchers at Stifel Nicolaus from $60.00 to $54.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 36.36% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Piper Sandler reissued an “overweight” rating and set a $55.00 price target (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of Semtech in a research note on Friday. B. Riley increased their price target on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Craig Hallum cut their price objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday. Finally, Northland Securities increased their price objective on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Semtech has a consensus rating of “Moderate Buy” and a consensus price target of $61.55.

Semtech Stock Up 21.1 %

NASDAQ SMTC opened at $39.60 on Friday. The stock has a market cap of $3.00 billion, a P/E ratio of -3.03, a PEG ratio of 2.12 and a beta of 1.69. The company’s 50-day simple moving average is $51.73 and its 200 day simple moving average is $51.23. Semtech has a twelve month low of $21.56 and a twelve month high of $79.52.

Semtech (NASDAQ:SMTC) last posted its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates 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. The business’s revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) EPS. Research analysts anticipate that Semtech will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Mark Lin sold 10,890 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $75.00, for a total transaction of $100,350.00. Following the completion of the transaction, the senior vice president now directly owns 14 shares of the company’s stock, valued at approximately $1,050. This trade represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,637 shares of company stock worth $1,472,726 over the last ninety days. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SMTC. Amalgamated Bank grew its position in Semtech by 10.1% in the third quarter. Amalgamated Bank now owns 21,694 shares of the semiconductor company’s stock valued at $991,000 after purchasing an additional 1,995 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Semtech by 10.5% in the 3rd quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company’s stock valued at $16,187,000 after acquiring an additional 33,606 shares during the period. Crossmark Global Holdings Inc. bought a new position in shares of Semtech in the 3rd quarter valued at about $201,000. Victory Capital Management Inc. grew its position in shares of Semtech by 130.7% in the 3rd quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock valued at $37,633,000 after acquiring an additional 466,868 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its position in shares of Semtech by 27.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 14,855 shares of the semiconductor company’s stock valued at $678,000 after acquiring an additional 3,222 shares during the period.

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.