Semtech (NASDAQ:SMTC) Shares Down 7.3% – Here’s What Happened

Semtech Co. (NASDAQ:SMTC) traded down 7.3% during trading on Thursday . The company traded as low as $62.51 and last traded at $61.59. 117,649 shares traded hands during trading, a decline of 94% from the average session volume of 1,883,683 shares. The stock had previously closed at $66.46.

Wall Street Analysts Forecast Growth

SMTC has been the topic of a number of research reports. Susquehanna upped their target price on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Roth Mkm increased their price objective on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. UBS Group began coverage on Semtech in a research note on Friday, January 17th. They issued a “buy” rating and a $85.00 target price on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price target (up from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Finally, Benchmark boosted their price target on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.09.

Semtech Trading Down 7.1 %

The firm has a market capitalization of $4.67 billion, a P/E ratio of -4.74 and a beta of 1.64. The company’s fifty day moving average is $66.11 and its 200-day moving average is $50.27.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results 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 business had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same period in the prior year, the business posted $0.02 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year.

Insider Transactions at Semtech

In other news, CFO Mark Lin sold 2,990 shares of Semtech stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total value of $177,755.50. Following the completion of the transaction, the chief financial officer now owns 5,446 shares in the company, valued at approximately $323,764.70. The trade was a 35.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 14 shares in the company, valued at approximately $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,747 shares of company stock valued at $1,095,061. 0.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its holdings in Semtech by 15.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,691 shares of the semiconductor company’s stock worth $1,066,000 after purchasing an additional 4,743 shares during the last quarter. Creative Planning grew its holdings in Semtech by 3.4% during the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after acquiring an additional 588 shares during the period. Truist Financial Corp bought a new stake in shares of Semtech during the 2nd quarter valued at $340,000. GAMMA Investing LLC lifted its stake in shares of Semtech by 76.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,745 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 1,185 shares during the period. Finally, CWM LLC boosted its position in shares of Semtech by 33.9% in the 3rd quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock worth $147,000 after purchasing an additional 818 shares during the last quarter.

Semtech Company Profile

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.