Semtech (NASDAQ:SMTC) Shares Gap Down – Here’s What Happened

Semtech Co. (NASDAQ:SMTC) gapped down prior to trading on Monday . The stock had previously closed at $73.02, but opened at $65.50. Semtech shares last traded at $59.37, with a volume of 1,542,880 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SMTC. Benchmark upped their price target on shares of Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. UBS Group started coverage on Semtech in a report on Friday, January 17th. They issued a “buy” rating and a $85.00 price objective on the stock. Craig Hallum lifted their target price on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Susquehanna raised their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Finally, Northland Securities boosted their price target on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.09.

Semtech Stock Up 6.6 %

The stock has a 50-day simple moving average of $64.93 and a 200 day simple moving average of $49.06.

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

Insider Buying and Selling

In other Semtech news, SVP Imran Sherazi sold 2,946 shares of the business’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $63.30, for a total transaction of $186,481.80. Following the sale, the senior vice president now directly owns 6,317 shares in the company, valued at $399,866.10. This represents a 31.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Lin sold 6,114 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. In the last quarter, insiders sold 13,757 shares of company stock valued at $917,305. Company 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. Disciplined Growth Investors Inc. MN grew its position in shares of Semtech by 4.6% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after buying an additional 114,999 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Semtech by 8.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock worth $73,883,000 after purchasing an additional 119,572 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Semtech by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock worth $48,303,000 after purchasing an additional 100,410 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Semtech by 130.7% in the third quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock valued at $37,633,000 after buying an additional 466,868 shares during the last quarter. Finally, Whale Rock Capital Management LLC acquired a new stake in Semtech in the third quarter valued at $32,126,000.

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.