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

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

Wall Street Analyst Weigh In

SMTC has been the subject of several recent analyst reports. B. Riley lifted their price objective on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Northland Securities lifted their price target on Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, December 10th. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 price objective (down from $75.00) on shares of Semtech in a report on Monday. Susquehanna raised their price target on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Finally, Craig Hallum boosted their price objective on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $67.91.

Semtech Trading Down 3.8 %

The stock has a 50 day moving average price of $64.77 and a two-hundred day moving average price of $50.85. The company has a market cap of $2.78 billion, a price-to-earnings ratio of -2.81, a P/E/G 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, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. The firm’s revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the company posted $0.02 EPS.

Insiders Place Their Bets

In other news, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the transaction, the senior vice president now directly owns 14 shares in the company, valued at $1,050. This trade represents a 98.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mark Lin sold 2,990 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total value of $177,755.50. Following the transaction, the chief financial officer now owns 5,446 shares of the company’s stock, valued at approximately $323,764.70. The trade was a 35.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,747 shares of company stock valued at $1,095,061. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Semtech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hollencrest Capital Management acquired a new stake in shares of Semtech in the fourth quarter valued at about $31,000. Huntington National Bank raised its stake in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 302 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake 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 purchasing an additional 505 shares during the period. AlphaQuest LLC raised its stake in shares of 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 purchasing an additional 772 shares during the last quarter. Finally, NBC Securities Inc. increased its position in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the period.

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.