Semtech (NASDAQ:SMTC) Price Target Raised to $42.00

Semtech (NASDAQ:SMTC) had its price objective raised by Stifel Nicolaus from $35.00 to $42.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other brokerages also recently issued reports on SMTC. Piper Sandler reissued an “overweight” rating and issued a $55.00 price objective (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Robert W. Baird lowered their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Benchmark cut their price target on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Craig Hallum lowered their price objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, UBS Group dropped their target price on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.50.

Semtech Stock Performance

Semtech stock opened at $37.28 on Friday. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -2.86, a PEG ratio of 2.12 and a beta of 1.88. Semtech has a 52-week low of $24.05 and a 52-week high of $79.52. The firm has a 50 day moving average price of $33.22 and a two-hundred day moving average price of $47.45.

Semtech (NASDAQ:SMTC) last announced its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. Semtech’s quarterly revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) EPS. As a group, equities research analysts predict that Semtech will post -0.02 EPS for the current fiscal year.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the firm’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares of the company’s stock, valued at approximately $508,368.51. This trade represents a 17.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Semtech

Hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management purchased a new position in shares of Semtech during the fourth quarter valued at approximately $31,000. Dunhill Financial LLC bought a new position in Semtech during the 4th quarter valued at $31,000. NBC Securities Inc. boosted its holdings in Semtech by 104,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 1,047 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Semtech by 33.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 257 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Semtech in the 4th quarter worth $52,000.

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.