Benchmark Lowers Semtech (NASDAQ:SMTC) Price Target to $68.00

Semtech (NASDAQ:SMTC) had its price target lowered by equities researchers at Benchmark from $82.00 to $68.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Benchmark’s price target suggests a potential upside of 107.89% from the company’s previous close.

Several other brokerages also recently issued reports on SMTC. Piper Sandler reissued an “overweight” rating and set a $55.00 price objective (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. B. Riley increased 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. Northland Securities increased their price target on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Robert W. Baird dropped their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Finally, UBS Group assumed coverage on shares of Semtech in a research note on Friday, January 17th. They issued a “buy” rating and a $85.00 target price for the company. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Semtech presently has an average rating of “Moderate Buy” and a consensus target price of $65.73.

Semtech Price Performance

NASDAQ:SMTC opened at $32.71 on Friday. Semtech has a 12 month low of $21.56 and a 12 month high of $79.52. The firm has a market capitalization of $2.48 billion, a PE ratio of -2.51, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69. The business’s fifty day moving average price is $52.84 and its 200 day moving average price is $51.25.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data 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 firm had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. During the same period in the previous year, the business posted ($0.06) EPS. The business’s revenue for the quarter was up 30.1% compared to the same quarter last year. As a group, equities analysts anticipate that Semtech will post -0.02 EPS for the current year.

Insider Transactions at Semtech

In related news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at approximately $5,349,190. The trade was a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Mark Lin sold 6,114 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were 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 owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. This represents a 63.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,637 shares of company stock valued at $1,472,726 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Semtech

Several institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank raised its position in shares of Semtech by 105.2% during 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 during the last quarter. Hollencrest Capital Management acquired a new position in Semtech in the 4th quarter valued at about $31,000. Dunhill Financial LLC purchased a new position in Semtech in the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC boosted its stake in shares of Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 505 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Semtech during the fourth quarter worth about $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.