Craig Hallum Has Lowered Expectations for Semtech (NASDAQ:SMTC) Stock Price

Semtech (NASDAQ:SMTC) had its target price decreased by Craig Hallum from $70.00 to $55.00 in a research report released on Friday, MarketBeat.com reports. Craig Hallum currently has a buy rating on the semiconductor company’s stock.

SMTC has been the topic of a number of other research reports. Robert W. Baird reduced their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Susquehanna upped 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. Benchmark decreased their price objective on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday. UBS Group started 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target on shares of Semtech in a research note on Friday. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $61.55.

Semtech Stock Up 21.1 %

NASDAQ:SMTC opened at $39.60 on Friday. Semtech has a 52-week low of $21.56 and a 52-week high of $79.52. The stock has a fifty day simple moving average of $51.73 and a 200-day simple moving average of $51.29. The company has a market capitalization of $3.00 billion, a PE ratio of -3.03, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69.

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

Insiders Place Their Bets

In related news, SVP Imran Sherazi sold 2,946 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $63.30, for a total transaction of $186,481.80. Following the completion of the sale, the senior vice president now owns 6,317 shares of the company’s stock, valued at approximately $399,866.10. This represents a 31.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,637 shares of company stock valued at $1,472,726 over the last quarter. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

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