Benchmark Cuts Semtech (NASDAQ:SMTC) Price Target to $68.00

Semtech (NASDAQ:SMTC) had its price objective trimmed by Benchmark from $82.00 to $68.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other analysts have also recently weighed in on the stock. Piper Sandler reissued 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. UBS Group initiated coverage on Semtech in a research note on Friday, January 17th. They issued a “buy” rating and a $85.00 price objective on the stock. Needham & Company LLC cut their price objective on Semtech from $74.00 to $54.00 and set a “buy” rating for the company in a report on Monday, February 10th. Stifel Nicolaus set a $60.00 target price on shares of Semtech in a report on Monday, March 10th. Finally, B. Riley lifted their price target on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and an average price target of $61.55.

Semtech Stock Up 21.1 %

Shares of SMTC opened at $39.60 on Friday. The stock’s 50-day moving average price is $51.73 and its 200 day moving average price is $51.29. Semtech has a 12-month low of $21.56 and a 12-month high of $79.52. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of -3.03, a P/E/G ratio of 2.12 and a beta of 1.69.

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

Insider Activity

In other news, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction that occurred on 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 sale, the senior vice president now owns 6,317 shares in the company, valued at $399,866.10. The trade was a 31.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Lin sold 6,114 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the transaction, the chief financial officer now owns 3,531 shares in the company, valued at $232,127.94. This represents a 63.39 % 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 valued at $1,472,726 over the last three months. 0.60% of the stock is owned by insiders.

Institutional Trading of Semtech

A number of institutional investors have recently bought and sold shares of SMTC. Whale Rock Capital Management LLC boosted its position in shares of Semtech by 364.2% in 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 during the last quarter. Wellington Management Group LLP lifted 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 buying an additional 1,911,890 shares during the period. Vanguard Group Inc. boosted its holdings in Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after buying an additional 1,326,226 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Semtech during the 4th quarter worth about $51,315,000. Finally, Fred Alger Management LLC increased its stake in shares of Semtech by 122.6% in the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock valued at $92,271,000 after acquiring an additional 821,671 shares during 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.