Semtech (NASDAQ:SMTC) Shares Gap Down on Analyst Downgrade

Semtech Co. (NASDAQ:SMTC) shares gapped down prior to trading on Friday after Robert W. Baird lowered their price target on the stock from $80.00 to $60.00. The stock had previously closed at $60.50, but opened at $58.56. Robert W. Baird currently has an outperform rating on the stock. Semtech shares last traded at $52.29, with a volume of 2,008,877 shares trading hands.

SMTC has been the topic of several other reports. Benchmark upped their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Roth Mkm raised their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Northland Securities lifted their target price on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Craig Hallum boosted their price target 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. Finally, Susquehanna lifted their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Insider Activity

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction 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 transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at $5,349,190. The trade was a 2.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Lin sold 2,990 shares of Semtech stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total value of $177,755.50. Following the sale, the chief financial officer now directly owns 5,446 shares of the company’s stock, valued at $323,764.70. This represents a 35.44 % decrease in their position. 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 currently owned by insiders.

Institutional Trading of Semtech

Several hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company grew its stake in shares of 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 acquiring an additional 4,743 shares during the period. Creative Planning grew its position in shares of Semtech by 3.4% during the second quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after purchasing an additional 588 shares in the last quarter. Truist Financial Corp bought a new stake in shares of Semtech in the 2nd quarter valued at approximately $340,000. GAMMA Investing LLC raised its position in Semtech by 76.0% during 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 in the last quarter. Finally, CWM LLC grew its stake in Semtech by 33.9% during the 3rd quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock worth $147,000 after buying an additional 818 shares during the last quarter.

Semtech Trading Down 13.2 %

The business has a fifty day moving average of $66.04 and a two-hundred day moving average of $50.34. The company has a market cap of $3.97 billion, a price-to-earnings ratio of -4.02 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last announced 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 company had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same quarter in the previous year, the business posted $0.02 earnings per share. The firm’s revenue was up 17.9% on a year-over-year basis.

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.