Short Interest in Semtech Co. (NASDAQ:SMTC) Decreases By 9.2%

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Semtech Co. (NASDAQ:SMTC) saw a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 1,670,000 shares, a decline of 9.2% from the September 30th total of 1,840,000 shares. Based on an average daily trading volume, of 473,700 shares, the days-to-cover ratio is presently 3.5 days. Currently, 2.6% of the company’s shares are sold short.

In other Semtech news, Director Sylvia Summers sold 6,487 shares of Semtech stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $46.31, for a total transaction of $300,412.97. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $926,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark C. Costello sold 8,951 shares of Semtech stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $46.80, for a total transaction of $418,906.80. Following the transaction, the vice president now directly owns 3,090 shares of the company’s stock, valued at $144,612. The disclosure for this sale can be found here. Insiders have sold 25,717 shares of company stock valued at $1,262,791 over the last ninety days. 1.96% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in SMTC. Point72 Hong Kong Ltd raised its holdings in shares of Semtech by 28.1% in the second quarter. Point72 Hong Kong Ltd now owns 1,450 shares of the semiconductor company’s stock valued at $70,000 after acquiring an additional 318 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Semtech in the second quarter worth about $86,000. Marshall Wace LLP bought a new position in Semtech in the second quarter worth about $203,000. Oakbrook Investments LLC bought a new position in Semtech in the second quarter worth about $211,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Semtech by 8.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,346 shares of the semiconductor company’s stock worth $211,000 after purchasing an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 97.36% of the company’s stock.

Shares of SMTC stock traded down $1.27 on Monday, hitting $51.13. The stock had a trading volume of 12,750 shares, compared to its average volume of 269,305. The company has a quick ratio of 3.42, a current ratio of 4.10 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average price of $50.50 and a 200 day moving average price of $47.82. The company has a market cap of $3.52 billion, a PE ratio of 38.44, a P/E/G ratio of 4.17 and a beta of 1.93. Semtech has a one year low of $39.54 and a one year high of $57.96.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Wednesday, August 28th. The semiconductor company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.03. The firm had revenue of $137.10 million during the quarter, compared to the consensus estimate of $134.85 million. Semtech had a return on equity of 12.91% and a net margin of 7.34%. The firm’s quarterly revenue was down 16.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. Equities research analysts expect that Semtech will post 1.06 EPS for the current year.

SMTC has been the subject of several research analyst reports. Craig Hallum decreased their target price on Semtech from $9.00 to $6.00 in a research report on Monday, September 23rd. Piper Jaffray Companies lifted their target price on Semtech from $50.00 to $55.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. B. Riley decreased their target price on Semtech from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Robert W. Baird set a $45.00 target price on Semtech and gave the stock a “buy” rating in a research report on Monday, August 26th. Finally, BidaskClub downgraded Semtech from a “buy” rating to a “hold” rating in a research report on Saturday. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $49.17.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications 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.

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