Robert W. Baird Lowers Semtech (NASDAQ:SMTC) Price Target to $60.00

Semtech (NASDAQ:SMTC) had its price objective lowered by stock analysts at Robert W. Baird from $80.00 to $60.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Robert W. Baird’s price target suggests a potential upside of 16.02% from the stock’s current price.

Several other equities research analysts also recently commented on SMTC. UBS Group began coverage on shares of Semtech in a research report on Friday, January 17th. They set a “buy” rating and a $85.00 target price for the company. B. Riley upped their price objective on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Roth Mkm upped their price target on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark increased their price objective on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Craig Hallum lifted their target price on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $72.00.

Semtech Trading Down 14.5 %

Semtech stock traded down $8.79 during mid-day trading on Friday, reaching $51.72. The company had a trading volume of 3,320,912 shares, compared to its average volume of 2,042,501. The business has a fifty day simple moving average of $66.04 and a 200 day simple moving average of $50.34. The company has a market cap of $3.91 billion, a P/E ratio of -3.98 and a beta of 1.64. Semtech has a fifty-two week low of $19.12 and a fifty-two 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, topping the consensus estimate of $0.23 by $0.03. The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business earned $0.02 EPS.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 6,114 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 3,531 shares in the company, valued at approximately $232,127.94. This represents a 63.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Imran Sherazi sold 2,946 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares of the company’s stock, valued at approximately $399,866.10. The trade was a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,747 shares of company stock valued at $1,095,061 over the last quarter. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Semtech

A number of large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its holdings in shares of Semtech by 20.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,609 shares of the semiconductor company’s stock valued at $285,000 after acquiring an additional 768 shares during the last quarter. Prescott Group Capital Management L.L.C. acquired a new position in Semtech in the 4th quarter valued at $1,237,000. Jackson Creek Investment Advisors LLC purchased a new position in Semtech in the 4th quarter valued at $1,517,000. Lisanti Capital Growth LLC boosted its stake in Semtech by 2.5% during the 4th quarter. Lisanti Capital Growth LLC now owns 106,630 shares of the semiconductor company’s stock worth $6,595,000 after purchasing an additional 2,565 shares during the last quarter. Finally, Inceptionr LLC purchased a new stake in shares of Semtech during the fourth quarter worth $602,000.

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.