Semtech (NASDAQ:SMTC) Price Target Cut to $54.00 by Analysts at Needham & Company LLC

Semtech (NASDAQ:SMTC) had its price objective dropped by research analysts at Needham & Company LLC from $74.00 to $54.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target indicates a potential downside of 0.94% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Piper Sandler restated an “overweight” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Susquehanna increased their price target on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Stifel Nicolaus increased their price target on Semtech from $65.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Benchmark boosted their price target on shares of Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Craig Hallum lifted their price objective on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Semtech currently has an average rating of “Moderate Buy” and a consensus price target of $70.18.

Semtech Trading Down 9.9 %

NASDAQ SMTC opened at $54.51 on Monday. The firm’s fifty day simple moving average is $65.85 and its two-hundred day simple moving average is $50.74. The firm has a market capitalization of $4.13 billion, a P/E ratio of -4.18, a P/E/G ratio of 2.98 and a beta of 1.64. Semtech has a 12-month low of $19.12 and a 12-month high of $79.52.

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

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction on 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. The trade was a 63.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the completion of the sale, the senior vice president now directly owns 14 shares of the company’s stock, valued at $1,050. This trade represents a 98.96 % 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 worth $1,095,061. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Semtech

Large investors have recently made changes to their positions in the business. Creative Planning raised its stake in shares of Semtech by 3.4% in the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock valued at $538,000 after buying an additional 588 shares in the last quarter. Truist Financial Corp acquired a new stake in shares of Semtech in the second quarter valued at $340,000. GAMMA Investing LLC grew its stake in shares of Semtech by 76.0% during the third quarter. GAMMA Investing LLC now owns 2,745 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 1,185 shares during the last quarter. CWM LLC raised its position in shares of Semtech by 33.9% during the third quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock worth $147,000 after acquiring an additional 818 shares during the last quarter. Finally, NBC Securities Inc. grew its holdings in 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 during the period.

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.