Semtech (NASDAQ:SMTC) Price Target Cut to $55.00 by Analysts at Craig Hallum

Semtech (NASDAQ:SMTC - Get Free Report) had its target price lowered by analysts at Craig Hallum from $70.00 to $55.00 in a research note issued to investors on Friday, MarketBeat.com reports. The firm presently has a "buy" rating on the semiconductor company's stock. Craig Hallum's price target would suggest a potential upside of 42.25% from the company's current price.

A number of other equities analysts also recently issued reports on the company. Roth Mkm lifted their price target on Semtech from $50.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Robert W. Baird cut their target price on Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. UBS Group began coverage on Semtech in a research note on Friday, January 17th. They issued a "buy" rating and a $85.00 target price on the stock. Benchmark cut their target price on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday. Finally, B. Riley lifted their price target on shares of Semtech from $61.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Semtech has an average rating of "Moderate Buy" and a consensus price target of $61.55.

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Semtech Price Performance

Shares of NASDAQ SMTC traded down $0.94 during mid-day trading on Friday, hitting $38.67. 1,171,324 shares of the stock traded hands, compared to its average volume of 2,881,623. Semtech has a twelve month low of $21.56 and a twelve month high of $79.52. The company has a market cap of $2.93 billion, a PE ratio of -2.96, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69. The firm has a 50 day simple moving average of $51.73 and a two-hundred day simple moving average of $51.29.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate 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. The firm's revenue for the quarter was up 30.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) earnings per share. On average, equities research analysts anticipate that Semtech will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Imran Sherazi sold 2,946 shares of the business's stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the transaction, the senior vice president now owns 6,317 shares in the company, valued at $399,866.10. The trade was a 31.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Lin sold 10,890 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares of the company's stock, valued at approximately $403,155. This represents a 48.37 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,637 shares of company stock worth $1,472,726. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SMTC. Huntington National Bank boosted its stake in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 302 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Semtech by 27.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company's stock worth $97,000 after acquiring an additional 337 shares in the last quarter. GAMMA Investing LLC grew its holdings in Semtech by 15.3% during the 4th quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company's stock valued at $196,000 after buying an additional 421 shares in the last quarter. Hollencrest Capital Management purchased a new stake in Semtech during the 4th quarter valued at approximately $31,000. Finally, Dunhill Financial LLC bought a new position in shares of Semtech during the 4th quarter valued at approximately $31,000.

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.