Semtech Corporation (SMTC) Downgraded by Zacks Investment Research to “Sell”

Semtech Corporation (NASDAQ:SMTC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, September 6th.

According to Zacks, “Semtech is a provider of analog and mixed-signal semiconductor products.  The company reported mixed fiscal second-quarter 2018 results with earnings beating the Zacks Consensus Estimate but revenues missing the same. Improved profitability was driven by differentiated growth drivers and diversification strategy. Key growth drivers for Semtech are product differentiation, operational flexibility and a specific focus on fast-growing segments and regions. However, concerns about the company’s exposure to seasonality, a competitive market and foreign exchange risk persist. In the last one year, the stock has outperformed the industry it belongs to.”

Several other analysts have also issued reports on SMTC. B. Riley reiterated a “buy” rating and set a $48.00 target price on shares of Semtech Corporation in a report on Thursday, June 1st. BidaskClub lowered Semtech Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, August 18th. Robert W. Baird reiterated an “outperform” rating and set a $45.00 target price on shares of Semtech Corporation in a report on Tuesday, June 13th. Finally, Drexel Hamilton reiterated a “buy” rating and set a $45.00 target price on shares of Semtech Corporation in a report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $43.50.

Shares of Semtech Corporation (NASDAQ:SMTC) opened at 35.40 on Wednesday. The stock has a market capitalization of $2.34 billion, a P/E ratio of 37.42 and a beta of 1.45. The stock’s 50 day moving average price is $37.21 and its 200-day moving average price is $35.86. Semtech Corporation has a 1-year low of $22.81 and a 1-year high of $41.15.

Semtech Corporation (NASDAQ:SMTC) last issued its quarterly earnings results on Wednesday, August 30th. The semiconductor company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. The company had revenue of $153.10 million for the quarter, compared to analyst estimates of $154.91 million. Semtech Corporation had a return on equity of 11.77% and a net margin of 11.00%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 earnings per share. Equities research analysts anticipate that Semtech Corporation will post $1.89 EPS for the current fiscal year.

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In other news, VP Mark C. Costello sold 3,750 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $37.48, for a total value of $140,550.00. Following the transaction, the vice president now owns 3,750 shares of the company’s stock, valued at $140,550. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John Michael Wilson sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $35.95, for a total value of $107,850.00. Following the completion of the transaction, the senior vice president now directly owns 78,066 shares in the company, valued at approximately $2,806,472.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,294 shares of company stock worth $1,898,842. Company insiders own 2.10% of the company’s stock.

Large investors have recently modified their holdings of the stock. Advisors Asset Management Inc. grew its position in Semtech Corporation by 34.1% during the first quarter. Advisors Asset Management Inc. now owns 3,002 shares of the semiconductor company’s stock worth $101,000 after buying an additional 764 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Semtech Corporation by 74.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,299 shares of the semiconductor company’s stock worth $112,000 after buying an additional 1,405 shares in the last quarter. Strs Ohio grew its position in Semtech Corporation by 22.2% during the second quarter. Strs Ohio now owns 3,300 shares of the semiconductor company’s stock worth $117,000 after buying an additional 600 shares in the last quarter. FNY Partners Fund LP grew its position in Semtech Corporation by 515.4% during the first quarter. FNY Partners Fund LP now owns 4,000 shares of the semiconductor company’s stock worth $135,000 after buying an additional 3,350 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Semtech Corporation during the first quarter worth approximately $137,000. 94.42% of the stock is currently owned by institutional investors and hedge funds.

Semtech Corporation Company Profile

Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.

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