Semtech (NASDAQ:SMTC) Price Target Cut to $54.00 by Analysts at Needham & Company LLC

Semtech (NASDAQ:SMTC) had its price target decreased by Needham & Company LLC from $74.00 to $54.00 in a research note released on Monday,Benzinga reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.

SMTC has been the topic of a number of other reports. 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 report on Tuesday, December 10th. B. Riley boosted their target price 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. Roth Mkm raised their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price target (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Finally, UBS Group started coverage on Semtech in a report on Friday, January 17th. They set a “buy” rating and a $85.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.91.

Semtech Stock Performance

NASDAQ:SMTC opened at $37.60 on Monday. Semtech has a 52 week low of $19.12 and a 52 week high of $79.52. The firm has a 50-day moving average price of $65.34 and a two-hundred day moving average price of $50.80. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of -2.88, a price-to-earnings-growth ratio of 2.98 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. During the same period in the previous year, the business posted $0.02 earnings per share. The business’s revenue was up 17.9% compared to the same quarter last year.

Insiders Place Their Bets

In related news, SVP Imran Sherazi sold 2,946 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the sale, 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 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 2,990 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total value of $177,755.50. Following the transaction, the chief financial officer now owns 5,446 shares of the company’s stock, valued at approximately $323,764.70. The trade was a 35.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,747 shares of company stock worth $1,095,061 in the last quarter. 0.60% of the stock is owned by company insiders.

Institutional Trading of Semtech

A number of large investors have recently modified their holdings of the business. Huntington National Bank increased its position in shares of Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 302 shares during the period. GAMMA Investing LLC boosted its position in Semtech by 15.3% during the 4th quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock valued at $196,000 after acquiring an additional 421 shares in the last quarter. Hanseatic Management Services Inc. grew its holdings in shares of Semtech by 3.2% during the 3rd quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock worth $658,000 after acquiring an additional 447 shares during the period. Hollencrest Capital Management bought a new position in shares of Semtech in the 4th quarter worth approximately $31,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Semtech by 190.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 505 shares during the period.

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.