UBS Group Cuts Semtech (NASDAQ:SMTC) Price Target to $60.00

Semtech (NASDAQ:SMTC) had its price target decreased by UBS Group from $65.00 to $60.00 in a report published on Friday morning,Benzinga reports. UBS Group 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 target price on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Semtech in a report on Friday. B. Riley raised their target price on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Craig Hallum cut their price target on shares of Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday. Finally, Robert W. Baird reduced their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Semtech has an average rating of “Moderate Buy” and a consensus target price of $61.55.

Semtech Stock Up 21.1 %

SMTC stock opened at $39.60 on Friday. The company has a market capitalization of $3.00 billion, a P/E ratio of -3.03, a PEG ratio of 2.12 and a beta of 1.69. The company has a 50-day simple moving average of $51.73 and a 200 day simple moving average of $51.29. Semtech has a fifty-two week low of $21.56 and a fifty-two week high of $79.52.

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

Insider Activity at Semtech

In other Semtech news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the sale, the chief financial officer now directly owns 11,625 shares of the company’s stock, valued at $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction of $100,350.00. Following the transaction, the senior vice president now owns 14 shares in the company, valued at $1,050. This represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,637 shares of company stock valued at $1,472,726. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new stake in Semtech in the 4th quarter worth approximately $31,000. Dunhill Financial LLC bought a new position in Semtech in the 4th quarter worth $31,000. Huntington National Bank lifted its position in Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 302 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 505 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Semtech in the fourth quarter worth about $52,000.

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.