Semtech (NASDAQ:SMTC) Price Target Lowered to $55.00 at UBS Group

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

Several other research firms have also issued reports on SMTC. Benchmark dropped their price objective on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of Semtech in a report on Friday, March 14th. Stifel Nicolaus decreased their price objective on shares of Semtech from $54.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Robert W. Baird cut 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. Finally, Craig Hallum lowered their target price on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.92.

Semtech Price Performance

NASDAQ SMTC opened at $34.66 on Monday. The stock has a market capitalization of $3.00 billion, a P/E ratio of -2.66, a P/E/G ratio of 2.12 and a beta of 1.88. Semtech has a one year low of $24.05 and a one year high of $79.52. The business has a 50 day simple moving average of $32.55 and a 200 day simple moving average of $48.20.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same period last year, the company earned ($0.06) EPS. Semtech’s revenue for the quarter was up 30.1% compared to the same quarter last year. Equities analysts expect that Semtech will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 2,907 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the sale, the chief financial officer now owns 13,481 shares in the company, valued at $508,368.51. The trade was a 17.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Semtech

Institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Semtech by 10.5% during the 3rd quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company’s stock valued at $16,187,000 after acquiring an additional 33,606 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Semtech by 15.3% in the 4th quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock worth $196,000 after buying an additional 421 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Semtech by 117.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 92,395 shares of the semiconductor company’s stock valued at $5,715,000 after acquiring an additional 49,835 shares during the last quarter. Moody National Bank Trust Division grew its position in Semtech by 148.6% in the fourth quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after acquiring an additional 12,296 shares in the last quarter. Finally, Friedenthal Financial purchased a new position in Semtech in the fourth quarter worth about $755,000.

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.