UBS Group Has Lowered Expectations for Semtech (NASDAQ:SMTC) Stock Price

Semtech (NASDAQ:SMTC) had its price objective cut by UBS Group from $60.00 to $55.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Other equities research analysts have also issued research reports about the stock. Piper Sandler reiterated an “overweight” rating and set a $55.00 price objective (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Craig Hallum lowered their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. Stifel Nicolaus reduced their price objective on Semtech from $54.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Morgan Stanley began coverage on Semtech in a report on Monday, April 7th. They issued an “equal weight” rating and a $30.00 target price for the company. Finally, Robert W. Baird decreased their price objective on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.92.

Semtech Trading Up 1.6 %

Semtech stock opened at $34.66 on Monday. The firm has a market capitalization of $3.00 billion, a PE ratio of -2.66, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88. Semtech has a 12-month low of $24.05 and a 12-month high of $79.52. The firm has a 50-day moving average price of $32.55 and a 200-day moving average price of $48.20.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share 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 analysts’ expectations of $249.40 million. The company’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.06) earnings per share. As a group, sell-side analysts predict that Semtech will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Mark Lin sold 2,907 shares of the firm’s stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $37.71, for a total transaction of $109,622.97. Following the sale, the chief financial officer now directly owns 13,481 shares in the company, valued at $508,368.51. This trade represents a 17.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.60% of the company’s stock.

Institutional Trading of Semtech

A number of institutional investors and hedge funds have recently made changes to their positions in SMTC. Hollencrest Capital Management acquired a new stake in Semtech in the 4th quarter valued at $31,000. Dunhill Financial LLC acquired a new stake in shares of Semtech in the fourth quarter valued at about $31,000. NBC Securities Inc. increased its stake in shares of Semtech by 104,700.0% during the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 1,047 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 505 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Semtech during the 4th quarter worth about $52,000.

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.