Stifel Nicolaus Lowers Semtech (NASDAQ:SMTC) Price Target to $70.00

Semtech (NASDAQ:SMTC) had its price target cut by equities researchers at Stifel Nicolaus from $75.00 to $70.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 85.23% from the company’s previous close.

SMTC has been the topic of several other reports. Robert W. Baird reduced their price objective on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday. B. Riley upped their target price on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Benchmark upped their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Northland Securities upped their target price on Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, December 10th. Finally, Craig Hallum upped their target price on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Three equities research 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 target price of $67.91.

Semtech Trading Down 30.7 %

NASDAQ SMTC traded down $16.72 on Monday, hitting $37.79. 11,577,126 shares of the company traded hands, compared to its average volume of 2,536,020. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -2.89, a P/E/G ratio of 2.98 and a beta of 1.64. The business’s 50 day moving average price is $65.85 and its 200-day moving average price is $50.74. Semtech has a 52-week low of $19.12 and a 52-week high of $79.52.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. During the same quarter in the previous year, the firm earned $0.02 earnings per share. Semtech’s revenue was up 17.9% on a year-over-year basis.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 6,114 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the sale, the chief financial officer now directly owns 3,531 shares of the company’s stock, valued at $232,127.94. This represents a 63.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the sale, the chief operating officer now directly owns 76,417 shares in the company, valued at approximately $5,349,190. The trade was a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,747 shares of company stock valued at $1,095,061. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning boosted its holdings in shares of Semtech by 3.4% during the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after purchasing an additional 588 shares during the last quarter. Truist Financial Corp purchased a new stake in shares of Semtech during the 2nd quarter valued at approximately $340,000. GAMMA Investing LLC raised its position in shares of Semtech by 76.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,745 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 1,185 shares during the period. CWM LLC raised its position in shares of Semtech by 33.9% during the 3rd quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock valued at $147,000 after buying an additional 818 shares during the period. Finally, NBC Securities Inc. raised its position in shares of Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 739 shares during the period.

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.