Semtech (NASDAQ:SMTC) Stock Price Down 5.1% – What’s Next?

Semtech Co. (NASDAQ:SMTC)’s stock price was down 5.1% during trading on Thursday . The company traded as low as $68.20 and last traded at $68.82. Approximately 913,254 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 1,477,190 shares. The stock had previously closed at $72.51.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SMTC shares. Stifel Nicolaus upped their price objective on shares of Semtech from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday, January 6th. B. Riley raised their price objective on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Craig Hallum increased their target price on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Needham & Company LLC lifted their price target on shares of Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Finally, Northland Securities upped their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.70.

Semtech Stock Down 5.2 %

The company has a market cap of $5.20 billion, a PE ratio of -5.28 and a beta of 1.65. The stock has a 50-day moving average of $60.87 and a 200-day moving average of $46.61.

Semtech (NASDAQ:SMTC) last announced its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. During the same period last year, the firm posted $0.02 earnings per share. Semtech’s quarterly revenue was up 17.9% on a year-over-year basis.

Insider Activity at Semtech

In other news, SVP Imran Sherazi sold 2,946 shares of the firm’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the transaction, the senior vice president now directly owns 6,317 shares of the company’s stock, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the chief financial officer now directly owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. This trade represents a 63.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,419 shares of company stock valued at $676,955 over the last 90 days. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Semtech

A number of large investors have recently bought and sold shares of the stock. Huntington National Bank grew its holdings in shares of Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 302 shares during the last quarter. NBC Securities Inc. grew its holdings in Semtech by 115.8% in the 3rd 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 last quarter. International Assets Investment Management LLC increased its position in shares of Semtech by 4,464.9% in the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after acquiring an additional 1,652 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Semtech during the second quarter valued at about $60,000. Finally, Quarry LP bought a new stake in shares of Semtech in the second quarter worth about $63,000.

About Semtech

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.