Stifel Nicolaus Cuts Semtech (NASDAQ:SMTC) Price Target to $35.00

Semtech (NASDAQ:SMTC) had its price target lowered by Stifel Nicolaus from $54.00 to $35.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other brokerages have also commented on SMTC. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research report on Monday, February 10th. Benchmark lowered their price target on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Craig Hallum reduced their price objective on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. UBS Group lowered their target price on Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Finally, Robert W. Baird cut their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.33.

Semtech Trading Up 0.9 %

Shares of Semtech stock opened at $26.22 on Thursday. The business has a 50-day moving average price of $34.19 and a two-hundred day moving average price of $49.18. Semtech has a 1-year low of $24.72 and a 1-year high of $79.52. The company has a market cap of $2.27 billion, a P/E ratio of -2.01, a PEG ratio of 2.12 and a beta of 1.85.

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

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 2,907 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $508,368.51. The trade was a 17.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 16,787 shares of company stock valued at $665,044 in the last three months. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SMTC. Moody National Bank Trust Division grew its position in shares of Semtech by 148.6% during the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after buying an additional 12,296 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Semtech by 15.8% during the fourth quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company’s stock valued at $25,396,000 after acquiring an additional 56,108 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Semtech by 6.1% in the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company’s stock worth $12,702,000 after buying an additional 11,878 shares during the last quarter. Convergence Investment Partners LLC acquired a new stake in Semtech during the 4th quarter worth about $2,680,000. Finally, Stephens Inc. AR purchased a new stake in Semtech in the fourth quarter valued at approximately $889,000.

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.