Semtech (NASDAQ:SMTC) Given New $70.00 Price Target at Stifel Nicolaus

Semtech (NASDAQ:SMTC) had its price objective reduced by equities research analysts at Stifel Nicolaus from $75.00 to $70.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 85.23% from the company’s current price.

SMTC has been the topic of a number of other reports. Robert W. Baird dropped their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday. Northland Securities boosted their price objective on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 price objective (down from $75.00) on shares of Semtech in a research report on Monday. Craig Hallum boosted their price objective on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, UBS Group initiated coverage on shares of Semtech in a research note on Friday, January 17th. They issued 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 given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Price Performance

NASDAQ:SMTC traded down $16.72 during trading hours on Monday, reaching $37.79. 11,577,126 shares of the company were exchanged, compared to its average volume of 2,536,020. The stock has a 50 day simple moving average of $65.85 and a 200 day simple moving average of $50.74. Semtech has a 52-week low of $19.12 and a 52-week high of $79.52. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -2.89, a PEG ratio of 2.98 and a beta of 1.64.

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

Insider Activity

In related news, CFO Mark Lin sold 2,990 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total value of $177,755.50. Following the sale, the chief financial officer now directly owns 5,446 shares in the company, valued at $323,764.70. This trade represents a 35.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief operating officer now owns 76,417 shares in the company, valued at $5,349,190. This represents a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,747 shares of company stock valued at $1,095,061. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Semtech

Several hedge funds have recently bought and sold shares of SMTC. Creative Planning raised its holdings in 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 buying an additional 588 shares during the period. Truist Financial Corp bought a new position in shares of Semtech during the 2nd quarter worth approximately $340,000. GAMMA Investing LLC grew its stake 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 worth $125,000 after acquiring an additional 1,185 shares in the last quarter. CWM LLC grew its stake in shares of Semtech by 33.9% during the 3rd quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock worth $147,000 after acquiring an additional 818 shares in the last quarter. Finally, NBC Securities Inc. grew its stake 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 worth $62,000 after acquiring an additional 739 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.