Insider Selling: Semtech Co. (NASDAQ:SMTC) COO Sells 2,000 Shares of Stock

Semtech Co. (NASDAQ:SMTC) COO Asaf Silberstein sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief operating officer now directly owns 76,417 shares in the company, valued at approximately $5,349,190. This trade represents a 2.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Semtech Stock Performance

Shares of SMTC traded up $6.07 during trading hours on Friday, hitting $75.00. The company had a trading volume of 2,810,638 shares, compared to its average volume of 1,844,980. Semtech Co. has a 52-week low of $18.72 and a 52-week high of $75.75. The firm has a fifty day moving average price of $61.24 and a 200-day moving average price of $46.76. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of -5.75 and a beta of 1.65.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SMTC. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Roth Mkm increased their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Northland Securities lifted their price target on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Stifel Nicolaus raised their price target on Semtech from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Needham & Company LLC raised their target price on Semtech from $70.00 to $74.00 and gave the stock 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $71.09.

Institutional Trading of Semtech

A number of institutional investors and hedge funds have recently modified their holdings of the business. Huntington National Bank increased its holdings in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares in the last quarter. NBC Securities Inc. boosted its holdings in shares of Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 739 shares during the last quarter. International Assets Investment Management LLC grew its stake 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 worth $77,000 after acquiring an additional 1,652 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Semtech in the second quarter worth approximately $60,000. Finally, Quarry LP purchased a new position in shares of Semtech during the second quarter valued at approximately $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.