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

Semtech (NASDAQ:SMTC) had its target price lowered by Needham & Company LLC from $74.00 to $54.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other equities research analysts have also recently issued reports on SMTC. Roth Mkm upped their target price on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Robert W. Baird reduced their price objective on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Susquehanna increased their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Finally, Craig Hallum increased their price objective on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.91.

Semtech Stock Performance

NASDAQ:SMTC opened at $36.65 on Monday. The stock’s 50 day moving average price is $64.12 and its 200 day moving average price is $50.75. Semtech has a 52 week low of $19.12 and a 52 week high of $79.52. The company has a market capitalization of $2.77 billion, a P/E ratio of -2.81, a P/E/G ratio of 2.98 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last announced its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million for 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 period in the previous year, the company earned $0.02 EPS.

Insider Buying and Selling

In other Semtech news, SVP Imran Sherazi sold 2,946 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the completion of the transaction, the senior vice president now directly owns 6,317 shares in the company, valued at $399,866.10. This represents a 31.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Lin sold 2,990 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total value of $177,755.50. Following the transaction, the chief financial officer now owns 5,446 shares of the company’s stock, valued at $323,764.70. This represents a 35.44 % decrease in their ownership of the stock. 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 ninety days. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Huntington National Bank raised its stake in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 302 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Semtech by 15.3% in the fourth 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. Hanseatic Management Services Inc. increased its stake in shares of Semtech by 3.2% in the third quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock valued at $658,000 after buying an additional 447 shares in the last quarter. Hollencrest Capital Management acquired a new stake in shares of Semtech in the fourth quarter valued at $31,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Semtech by 190.6% in the fourth 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 in 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.