Semtech (NASDAQ:SMTC) Given New $54.00 Price Target at Stifel Nicolaus

Semtech (NASDAQ:SMTC) had its price objective reduced by research analysts at Stifel Nicolaus from $60.00 to $54.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target points to a potential upside of 65.09% from the company’s previous close.

A number of other brokerages also recently commented on SMTC. B. Riley increased their price objective on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Craig Hallum decreased their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday. Benchmark cut their price objective on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday. Northland Securities raised their target price on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Finally, UBS Group began coverage on shares of Semtech in a report on Friday, January 17th. They set a “buy” rating and a $85.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.82.

Semtech Stock Down 3.4 %

Shares of SMTC stock opened at $32.71 on Friday. The stock has a 50-day simple moving average of $52.84 and a 200 day simple moving average of $51.25. Semtech has a fifty-two week low of $21.56 and a fifty-two week high of $79.52. The stock has a market capitalization of $2.48 billion, a P/E ratio of -2.51, a P/E/G ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same period in the prior year, the firm earned ($0.06) EPS. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. On average, sell-side analysts anticipate that Semtech will post -0.02 earnings per share for the current year.

Insider Activity at Semtech

In other Semtech news, SVP Imran Sherazi sold 1,338 shares of Semtech stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the sale, the senior vice president now directly owns 14 shares in the company, valued at $1,050. The trade was a 98.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Lin sold 10,890 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. This trade represents a 48.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,637 shares of company stock valued at $1,472,726. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

Several hedge funds have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Semtech during the 4th quarter worth about $15,131,000. Jefferies Financial Group Inc. lifted its holdings in Semtech by 62.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 77,659 shares of the semiconductor company’s stock worth $4,803,000 after purchasing an additional 29,723 shares during the last quarter. Mackenzie Financial Corp boosted its position in Semtech by 44.2% during the fourth quarter. Mackenzie Financial Corp now owns 39,824 shares of the semiconductor company’s stock worth $2,463,000 after purchasing an additional 12,211 shares during the period. Castleark Management LLC acquired a new position in Semtech during the fourth quarter valued at approximately $7,555,000. Finally, Whale Rock Capital Management LLC raised its position in shares of Semtech by 364.2% in the fourth quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock valued at $202,015,000 after purchasing an additional 2,562,602 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.