Semtech (NASDAQ:SMTC) Trading Down 7.3% – Here’s Why

Shares of Semtech Co. (NASDAQ:SMTC) traded down 7.3% on Thursday . The stock traded as low as $62.51 and last traded at $61.59. 117,649 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,883,683 shares. The stock had previously closed at $66.46.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Susquehanna upped their price target on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Stifel Nicolaus lifted their target price on shares of Semtech from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday, January 6th. Roth Mkm increased their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Northland Securities lifted their price objective on Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Finally, Needham & Company LLC lifted their price target on Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $71.09.

Semtech Price Performance

The company has a market cap of $4.67 billion, a PE ratio of -4.74 and a beta of 1.64. The company has a 50-day moving average price of $66.11 and a two-hundred day moving average price of $50.27.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business earned $0.02 EPS.

Insider Activity

In other news, SVP Imran Sherazi sold 1,338 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the sale, the senior vice president now owns 14 shares of the company’s stock, valued at approximately $1,050. The trade was a 98.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Lin sold 6,114 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total transaction of $401,934.36. Following the transaction, the chief financial officer now directly owns 3,531 shares in the company, valued at $232,127.94. The trade was a 63.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,747 shares of company stock worth $1,095,061 over the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

A number of institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its holdings in Semtech by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,061,871 shares of the semiconductor company’s stock worth $65,677,000 after buying an additional 3,991 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 505 shares in the last quarter. US Bancorp DE lifted its holdings in Semtech by 129.0% in the 4th quarter. US Bancorp DE now owns 10,350 shares of the semiconductor company’s stock valued at $640,000 after acquiring an additional 5,830 shares during the last quarter. Mutual of America Capital Management LLC boosted its position in shares of Semtech by 13.2% during the 4th quarter. Mutual of America Capital Management LLC now owns 12,778 shares of the semiconductor company’s stock valued at $790,000 after purchasing an additional 1,493 shares in the last quarter. Finally, Versor Investments LP lifted its stake in Semtech by 47.8% during the fourth quarter. Versor Investments LP now owns 11,234 shares of the semiconductor company’s stock valued at $695,000 after purchasing an additional 3,634 shares during the last quarter.

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.