Semtech (NASDAQ:SMTC) Price Target Lowered to $55.00 at Craig Hallum

Semtech (NASDAQ:SMTC) had its price objective lowered by Craig Hallum from $70.00 to $55.00 in a research report report published on Friday morning, MarketBeat.com reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other research analysts also recently commented on SMTC. Northland Securities raised their price target on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Benchmark cut their target price on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday. Stifel Nicolaus set a $60.00 target price on shares of Semtech in a research report on Monday. B. Riley raised their target price on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Robert W. Baird cut their target price 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. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $61.55.

Semtech Trading Up 21.1 %

Shares of SMTC opened at $39.60 on Friday. The company has a market cap 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 twelve month low of $21.56 and a twelve month high of $79.52. The company’s fifty day simple moving average is $51.73 and its 200-day simple moving average is $51.13.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. The company’s quarterly revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) EPS. Analysts predict that Semtech will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Imran Sherazi sold 1,338 shares of Semtech stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the sale, the senior vice president now directly owns 14 shares in the company, valued at $1,050. This trade represents a 98.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the sale, the chief financial officer now owns 11,625 shares of the company’s stock, valued at $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,637 shares of company stock worth $1,472,726 in the last three months. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Semtech

Several institutional investors and hedge funds have recently bought and sold shares of SMTC. Amalgamated Bank lifted its stake in Semtech by 10.1% during the 3rd quarter. Amalgamated Bank now owns 21,694 shares of the semiconductor company’s stock valued at $991,000 after acquiring an additional 1,995 shares during the period. Principal Financial Group Inc. lifted its stake in Semtech by 10.5% during 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. acquired a new stake in Semtech during the 3rd quarter valued at approximately $201,000. Victory Capital Management Inc. increased its holdings in shares of Semtech by 130.7% during the 3rd quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock valued at $37,633,000 after purchasing an additional 466,868 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Semtech by 27.7% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 14,855 shares of the semiconductor company’s stock valued at $678,000 after purchasing an additional 3,222 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.