Semtech (NASDAQ:SMTC) Stock Price Down 5% – Here’s What Happened

Semtech Co. (NASDAQ:SMTC) shares traded down 5% during mid-day trading on Wednesday . The company traded as low as $36.04 and last traded at $36.27. 1,082,377 shares traded hands during trading, a decline of 63% from the average session volume of 2,900,289 shares. The stock had previously closed at $38.18.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SMTC. UBS Group initiated coverage on shares of Semtech in a research report on Friday, January 17th. They issued a “buy” rating and a $85.00 price objective on the stock. Roth Mkm upped their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Benchmark lifted their price target on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Stifel Nicolaus cut their target price on Semtech from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Monday. Finally, Robert W. Baird cut their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.91.

Semtech Price Performance

The business’s fifty day simple moving average is $64.77 and its two-hundred day simple moving average is $50.85. The company has a market cap of $2.78 billion, a PE ratio of -2.81, a PEG ratio of 2.98 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. During the same quarter in the previous year, the firm posted $0.02 earnings per share. The business’s revenue was up 17.9% compared to the same quarter last year.

Insider Activity

In related news, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the completion of the transaction, the chief financial officer now owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. The trade was a 63.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at $5,349,190. This trade represents a 2.55 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,747 shares of company stock worth $1,095,061. 0.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Huntington National Bank lifted its stake in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares during the last quarter. Hollencrest Capital Management bought a new position in Semtech during the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC lifted its position in Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 505 shares during the last quarter. NBC Securities Inc. increased its position in Semtech by 115.8% during the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 739 shares during the period. Finally, AlphaQuest LLC grew its position in Semtech by 173.5% during the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after buying an additional 772 shares in 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.