Semtech (NASDAQ:SMTC) Given New $55.00 Price Target at Craig Hallum

Semtech (NASDAQ:SMTC) had its target price cut by Craig Hallum from $70.00 to $55.00 in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Craig Hallum’s price objective would indicate a potential upside of 68.14% from the stock’s current price.

SMTC has been the topic of several other reports. Benchmark cut their price target on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price target on shares of Semtech in a report on Friday. Robert W. Baird reduced their target price on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and set a $55.00 price target (down previously from $75.00) on shares of Semtech in a research report on Monday, February 10th. Finally, UBS Group started coverage on shares of Semtech in a report on Friday, January 17th. They issued a “buy” rating and a $85.00 target price on the stock. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $64.36.

Semtech Stock Performance

Shares of SMTC opened at $32.71 on Friday. The firm has a market cap of $2.48 billion, a P/E ratio of -2.51, a PEG ratio of 2.12 and a beta of 1.69. Semtech has a twelve month low of $21.56 and a twelve month high of $79.52. The firm’s 50 day moving average price is $52.84 and its two-hundred day moving average price is $51.25.

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

Insider Activity

In other news, CFO Mark Lin sold 10,890 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the transaction, the chief financial officer now directly owns 11,625 shares in the company, valued at $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value 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. The trade was a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,637 shares of company stock valued at $1,472,726. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.