Semtech (NASDAQ:SMTC) Given New $35.00 Price Target at Stifel Nicolaus

Semtech (NASDAQ:SMTC) had its price target lowered by Stifel Nicolaus from $54.00 to $35.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target points to a potential upside of 33.50% from the stock’s previous close.

A number of other brokerages have also issued reports on SMTC. Benchmark decreased their price objective on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 14th. Robert W. Baird lowered their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Semtech in a report on Friday, March 14th. UBS Group lowered their target price on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Finally, Morgan Stanley assumed coverage on Semtech in a research note on Monday, April 7th. They set an “equal weight” rating and a $30.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.33.

Semtech Price Performance

NASDAQ:SMTC opened at $26.22 on Thursday. Semtech has a 12-month low of $24.72 and a 12-month high of $79.52. The business has a 50 day simple moving average of $34.19 and a 200 day simple moving average of $49.13. The firm has a market capitalization of $2.27 billion, a P/E ratio of -2.01, a P/E/G ratio of 2.12 and a beta of 1.85.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.06) earnings per share. Research analysts anticipate that Semtech will post -0.02 EPS for the current fiscal year.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 2,990 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total transaction of $177,755.50. Following the transaction, the chief financial officer now directly owns 5,446 shares of the company’s stock, valued at approximately $323,764.70. The trade was a 35.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 16,787 shares of company stock valued at $665,044 over the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

A number of large investors have recently made changes to their positions in SMTC. Whale Rock Capital Management LLC increased its stake in Semtech by 364.2% in the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock valued at $202,015,000 after buying an additional 2,562,602 shares during the period. Wellington Management Group LLP raised its holdings in shares of Semtech by 827.0% during the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after acquiring an additional 1,911,890 shares in the last quarter. Vanguard Group Inc. grew its stake in Semtech by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock valued at $713,906,000 after purchasing an additional 1,326,226 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in Semtech in the 4th quarter worth about $51,315,000. Finally, Fred Alger Management LLC lifted its holdings in shares of Semtech by 122.6% during the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock valued at $92,271,000 after buying an additional 821,671 shares during the last quarter.

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.