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

Semtech (NASDAQ:SMTC) had its target price cut by Stifel Nicolaus from $60.00 to $54.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other research analysts also recently commented on SMTC. Benchmark lowered their target price on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a research report on Friday. Robert W. Baird dropped their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $55.00 target price (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. 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 report on Tuesday, November 26th. Finally, Susquehanna boosted their price objective on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $61.55.

Semtech Stock Performance

Shares of NASDAQ 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 52-week low of $21.56 and a 52-week high of $79.52. The firm’s fifty day moving average is $51.73 and its two-hundred day moving average is $51.29.

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

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 10,890 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares of the company’s stock, valued at $403,155. This represents a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $100,350.00. Following the transaction, the senior vice president now owns 14 shares in the company, valued at approximately $1,050. This represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,637 shares of company stock worth $1,472,726. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Semtech

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

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.