UBS Group Has Lowered Expectations for Semtech (NASDAQ:SMTC) Stock Price

Semtech (NASDAQ:SMTC) had its price target dropped by research analysts at UBS Group from $65.00 to $60.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. UBS Group’s price objective points to a potential upside of 51.52% from the company’s current price.

SMTC has been the topic of several other reports. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 price objective (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Susquehanna boosted their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Northland Securities boosted their price target on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Robert W. Baird cut their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of Semtech in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.55.

Semtech Trading Up 21.1 %

SMTC opened at $39.60 on Friday. The stock has a market capitalization of $3.00 billion, a P/E ratio of -3.03, a P/E/G 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. The firm’s fifty day simple moving average is $51.73 and its 200 day simple moving average is $51.23.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating the consensus estimate 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 company’s revenue was up 30.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.06) earnings per share. On average, equities research analysts predict that Semtech will post -0.02 EPS for the current fiscal year.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 1,359 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $65.15, for a total value of $88,538.85. Following the transaction, the chief financial officer now owns 4,164 shares in the company, valued at approximately $271,284.60. This represents a 24.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Imran Sherazi sold 2,946 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $63.30, for a total transaction of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares in the company, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their position. 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. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in SMTC. Whale Rock Capital Management LLC grew its position in shares of Semtech by 364.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock worth $202,015,000 after purchasing an additional 2,562,602 shares in the last quarter. Wellington Management Group LLP increased its stake in Semtech by 827.0% in the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock valued at $132,550,000 after purchasing an additional 1,911,890 shares in the last quarter. Vanguard Group Inc. increased its stake in Semtech by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock valued at $713,906,000 after purchasing an additional 1,326,226 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in Semtech in the fourth quarter valued at $51,315,000. Finally, Fred Alger Management LLC increased its position in shares of Semtech by 122.6% during the fourth quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock worth $92,271,000 after acquiring an additional 821,671 shares in the last quarter.

Semtech Company Profile

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.