Semtech (NASDAQ:SMTC) Shares Down 5.2%

Semtech Co. (NASDAQ:SMTCGet Free Report)’s stock price dropped 5.2% during mid-day trading on Thursday . The stock traded as low as $38.21 and last traded at $38.46. Approximately 916,064 shares traded hands during trading, a decline of 51% from the average daily volume of 1,852,307 shares. The stock had previously closed at $40.59.

Analyst Upgrades and Downgrades

SMTC has been the subject of several recent research reports. Susquehanna lifted their price target on Semtech from $30.00 to $45.00 and gave the company a “positive” rating in a research report on Monday, April 1st. Craig Hallum upped their price target on Semtech from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Robert W. Baird increased their price target on shares of Semtech from $40.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. B. Riley upped their target price on shares of Semtech from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Finally, Piper Sandler reissued an “overweight” rating and issued a $60.00 price target (up from $40.00) on shares of Semtech in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Semtech has a consensus rating of “Moderate Buy” and a consensus target price of $42.35.

Check Out Our Latest Report on SMTC

Semtech Stock Performance

The company has a market cap of $2.51 billion, a P/E ratio of -2.27 and a beta of 1.70. The company’s fifty day moving average is $34.78 and its 200 day moving average is $25.25. The company has a current ratio of 2.46, a quick ratio of 1.79 and a debt-to-equity ratio of 4.11.

Semtech (NASDAQ:SMTCGet Free Report) last announced its quarterly earnings data on Thursday, March 28th. The semiconductor company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). The company had revenue of $192.95 million for the quarter, compared to the consensus estimate of $191.24 million. Semtech had a negative net margin of 125.70% and a negative return on equity of 9.41%. As a group, equities analysts predict that Semtech Co. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin purchased 1,000 shares of the company’s stock in a transaction on Monday, April 8th. The stock was acquired at an average price of $33.23 per share, with a total value of $33,230.00. Following the transaction, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at approximately $33,230. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SMTC. Barclays PLC boosted its position in shares of Semtech by 4.9% during the third quarter. Barclays PLC now owns 43,595 shares of the semiconductor company’s stock valued at $1,123,000 after purchasing an additional 2,039 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Semtech by 76.7% in the 3rd quarter. New York State Common Retirement Fund now owns 468,166 shares of the semiconductor company’s stock worth $12,055,000 after buying an additional 203,182 shares during the last quarter. Quantbot Technologies LP increased its position in Semtech by 270.1% during the third quarter. Quantbot Technologies LP now owns 101,184 shares of the semiconductor company’s stock valued at $2,605,000 after acquiring an additional 73,846 shares during the last quarter. Swiss National Bank boosted its position in Semtech by 1.2% in the third quarter. Swiss National Bank now owns 140,600 shares of the semiconductor company’s stock worth $3,620,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Semtech by 9.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 781,406 shares of the semiconductor company’s stock valued at $20,121,000 after purchasing an additional 69,132 shares during the last quarter.

About Semtech

(Get Free Report)

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.

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