Craig Hallum Cuts Semtech (NASDAQ:SMTC) Price Target to $55.00

Semtech (NASDAQ:SMTC - Get Free Report) had its price objective decreased 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 target price suggests a potential upside of 38.89% from the company's previous close.

Several other research analysts have also recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and set a $54.00 price objective on shares of Semtech in a research report on Friday. Northland Securities upped their price objective on Semtech from $60.00 to $66.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 10th. B. Riley upped their price objective on Semtech from $61.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Stifel Nicolaus set a $60.00 target price on Semtech in a report on Monday, March 10th. Finally, Susquehanna boosted their target price on Semtech from $55.00 to $60.00 and gave the company a "positive" rating in a report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.55.

Semtech Price Performance

Shares of SMTC stock traded up $6.89 on Friday, hitting $39.60. The stock had a trading volume of 8,102,007 shares, compared to its average volume of 2,917,376. The firm has a market capitalization of $3.00 billion, a P/E ratio of -3.03, a P/E/G ratio of 2.12 and a beta of 1.69. Semtech has a 1 year low of $21.56 and a 1 year high of $79.52. The company's 50 day moving average price is $51.73 and its 200-day moving average price is $51.23.

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Semtech (NASDAQ:SMTC - Get Free Report) last released its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 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 analyst estimates of $249.40 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. The company's revenue for the quarter was up 30.1% compared to the same quarter last year. On average, equities analysts forecast that Semtech will post -0.02 EPS for the current year.

Insider Transactions at Semtech

In other news, CFO Mark Lin sold 10,890 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the transaction, the chief financial officer now directly owns 11,625 shares of the company's stock, valued at approximately $403,155. This represents a 48.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Imran Sherazi sold 2,946 shares of the stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the transaction, the senior vice president now directly owns 6,317 shares of the company's stock, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,637 shares of company stock valued at $1,472,726. Corporate insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Semtech

A number of institutional investors and hedge funds have recently modified their holdings of SMTC. Huntington National Bank grew its holdings in shares of 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 acquiring an additional 302 shares during the period. Hollencrest Capital Management acquired a new stake in Semtech during the 4th quarter valued at $31,000. Dunhill Financial LLC acquired a new stake in Semtech during the 4th quarter valued at $31,000. Smartleaf Asset Management LLC grew its holdings in Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock valued at $48,000 after buying an additional 505 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Semtech during the 4th quarter valued at $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.