Semtech (NASDAQ:SMTC) Trading Down 7.9% – Here’s What Happened

Semtech Co. (NASDAQ:SMTC)’s share price was down 7.9% on Friday . The stock traded as low as $43.48 and last traded at $43.58. Approximately 934,777 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 1,811,163 shares. The stock had previously closed at $47.33.

Analyst Upgrades and Downgrades

Several brokerages have commented on SMTC. B. Riley raised their target price on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Roth Mkm reissued a “buy” rating and set a $50.00 target price on shares of Semtech in a research note on Wednesday, August 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Semtech in a report on Wednesday, August 28th. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Benchmark reissued a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Semtech presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.60.

Semtech Price Performance

The stock has a market cap of $3.30 billion, a P/E ratio of -3.21 and a beta of 1.54. The firm’s 50-day moving average price is $44.63 and its 200-day moving average price is $38.47.

Semtech (NASDAQ:SMTC) last released its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $215.40 million for the quarter, compared to analyst estimates of $212.30 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The business’s revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.06) earnings per share. Sell-side analysts expect that Semtech Co. will post -0.07 earnings per share for the current year.

Institutional Trading of Semtech

A number of institutional investors and hedge funds have recently modified their holdings of SMTC. Texas Permanent School Fund Corp lifted its holdings in shares of Semtech by 1.6% in the 1st quarter. Texas Permanent School Fund Corp now owns 56,053 shares of the semiconductor company’s stock worth $1,541,000 after acquiring an additional 875 shares during the last quarter. ProShare Advisors LLC boosted its position in Semtech by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 12,902 shares of the semiconductor company’s stock valued at $355,000 after buying an additional 893 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of Semtech by 37.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 25,008 shares of the semiconductor company’s stock worth $687,000 after acquiring an additional 6,750 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Semtech by 1.6% during the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after acquiring an additional 131,133 shares during the period. Finally, Seven Eight Capital LP boosted its holdings in Semtech by 259.4% in the first quarter. Seven Eight Capital LP now owns 51,573 shares of the semiconductor company’s stock valued at $1,418,000 after purchasing an additional 37,224 shares during the period.

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.