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

Semtech (NASDAQ:SMTC) had its price target decreased by Stifel Nicolaus from $75.00 to $70.00 in a research note issued to investors on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the semiconductor company’s stock.

A number of other analysts also recently commented on the company. Northland Securities increased their price target on Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Susquehanna increased their price target on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Needham & Company LLC decreased their target price on Semtech from $74.00 to $54.00 and set a “buy” rating for the company in a research report on Monday. Benchmark raised their target price on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Craig Hallum raised their target price on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.91.

Semtech Trading Down 4.0 %

Shares of SMTC opened at $36.65 on Monday. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -2.81, a PEG ratio of 2.98 and a beta of 1.64. The stock has a 50 day moving average of $64.12 and a 200 day moving average of $50.75. Semtech has a 12 month low of $19.12 and a 12 month high of $79.52.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates 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. The business’s revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 earnings per share.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was 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 in the company, valued at approximately $232,127.94. The trade was a 63.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Imran Sherazi sold 2,946 shares of the business’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 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. 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 company insiders.

Hedge Funds Weigh In On Semtech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMTC. Wellington Management Group LLP grew its position in Semtech by 827.0% during the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after buying an additional 1,911,890 shares in the last quarter. Vanguard Group Inc. grew its position in Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after buying an additional 1,326,226 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in Semtech during the third quarter worth about $32,126,000. Victory Capital Management Inc. grew its position in Semtech by 130.7% during the third quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock worth $37,633,000 after buying an additional 466,868 shares in the last quarter. Finally, Schroder Investment Management Group purchased a new position in Semtech during the fourth quarter worth about $27,254,000.

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.