Needham & Company LLC Lowers Semtech (NASDAQ:SMTC) Price Target to $54.00

Semtech (NASDAQ:SMTC) had its target price lowered 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 currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price suggests a potential upside of 41.44% from the company’s current price.

Other analysts also recently issued research reports about the stock. Susquehanna raised their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Robert W. Baird decreased their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Roth Mkm upped their price objective on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Craig Hallum boosted their target price on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Northland Securities boosted their price objective on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Stock Up 1.5 %

SMTC stock opened at $38.18 on Monday. The company has a market cap of $2.89 billion, a price-to-earnings ratio of -2.93, a P/E/G ratio of 2.98 and a beta of 1.64. The business has a 50 day moving average price of $64.77 and a two-hundred day moving average price of $50.85. Semtech has a twelve month low of $19.12 and a twelve 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.02 EPS.

Insider Buying and Selling

In related news, CFO Mark Lin sold 6,114 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $232,127.94. This trade represents a 63.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Imran Sherazi sold 2,946 shares of the company’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 directly owns 6,317 shares of the company’s stock, valued at $399,866.10. The trade was a 31.80 % decrease in their position. 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.

Institutional Trading of Semtech

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Semtech by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock valued at $713,906,000 after purchasing an additional 1,326,226 shares during the period. Disciplined Growth Investors Inc. MN lifted its holdings in shares of Semtech by 4.6% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock valued at $119,172,000 after purchasing an additional 114,999 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Semtech by 8.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock valued at $73,883,000 after acquiring an additional 119,572 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Semtech by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,061,871 shares of the semiconductor company’s stock valued at $65,677,000 after purchasing an additional 3,991 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Semtech by 130.7% during the 3rd quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock valued at $37,633,000 after acquiring an additional 466,868 shares during the last quarter.

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.