Semtech (NASDAQ:SMTC) Price Target Lowered to $54.00 at Needham & Company LLC

Semtech (NASDAQ:SMTC - Get Free Report) had its price objective reduced by equities research analysts at Needham & Company LLC from $74.00 to $54.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price objective suggests a potential upside of 44.46% from the stock's current price.

Several other analysts have also issued reports on SMTC. UBS Group started 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. Susquehanna lifted their target price on shares of Semtech from $55.00 to $60.00 and gave the stock a "positive" rating in a research note on Thursday, November 21st. Craig Hallum upped their price target on shares of Semtech from $48.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Roth Mkm raised their price objective on shares of Semtech from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, Piper Sandler reissued an "overweight" rating and set a $75.00 target price (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Three 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 an average rating of "Moderate Buy" and a consensus target price of $67.91.

Semtech Trading Up 1.8 %

SMTC stock traded up $0.65 during mid-day trading on Monday, reaching $37.38. The company's stock had a trading volume of 2,182,095 shares, compared to its average volume of 2,968,805. Semtech has a 12 month low of $19.20 and a 12 month high of $79.52. The company has a market cap of $2.83 billion, a price-to-earnings ratio of -2.86, a price-to-earnings-growth ratio of 2.98 and a beta of 1.64. The business's 50 day moving average price is $62.97 and its 200 day moving average price is $50.69.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. The firm's revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 EPS.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 6,114 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total value of $401,934.36. Following the completion of the transaction, the chief financial officer now directly owns 3,531 shares of the company's stock, valued at approximately $232,127.94. The trade was a 63.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Imran Sherazi sold 1,338 shares of the firm's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the sale, the senior vice president now directly owns 14 shares in the company, valued at $1,050. The trade was a 98.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,747 shares of company stock valued at $1,095,061 over the last 90 days. Insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Semtech

A number of institutional investors have recently modified their holdings of the business. Mutual of America Capital Management LLC increased its stake in Semtech by 6.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company's stock worth $515,000 after buying an additional 673 shares in the last quarter. Moody National Bank Trust Division increased its position in shares of Semtech by 148.6% during the fourth quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company's stock worth $1,272,000 after purchasing an additional 12,296 shares in the last quarter. Intech Investment Management LLC raised its stake in Semtech by 128.3% in the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company's stock valued at $1,394,000 after purchasing an additional 17,150 shares during the last quarter. Natixis Advisors LLC lifted its holdings in Semtech by 100.2% in the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company's stock valued at $1,626,000 after purchasing an additional 17,823 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Semtech by 135.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company's stock worth $1,943,000 after purchasing an additional 24,517 shares during the last quarter.

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.