Semtech (NASDAQ:SMTC) Stock Price Down 15.8% – Should You Sell?

Semtech Co. (NASDAQ:SMTC) traded down 15.8% during trading on Thursday . The company traded as low as $31.41 and last traded at $30.84. 659,221 shares were traded during trading, a decline of 70% from the average session volume of 2,182,140 shares. The stock had previously closed at $36.62.

Wall Street Analyst Weigh In

SMTC has been the subject of a number of recent research reports. UBS Group cut their target price on shares of Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a report on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research note on Friday, March 14th. Piper Sandler restated an “overweight” rating and set a $55.00 target price (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Robert W. Baird lowered their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Finally, Craig Hallum reduced their price objective on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.55.

Semtech Trading Down 5.7 %

The company has a 50-day simple moving average of $41.67 and a 200 day simple moving average of $50.68. The company has a market cap of $2.42 billion, a P/E ratio of -2.15, a P/E/G ratio of 2.12 and a beta of 1.85.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. On average, equities analysts forecast that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Transactions at Semtech

In related news, SVP Imran Sherazi sold 1,338 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the transaction, the senior vice president now owns 14 shares of the company’s stock, valued at $1,050. The trade was a 98.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 10,890 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the sale, the chief financial officer now directly owns 11,625 shares in the company, valued at $403,155. This trade represents a 48.37 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,125 shares of company stock valued at $905,394. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Semtech

A number of hedge funds have recently made changes to their positions in SMTC. Hollencrest Capital Management bought a new position in Semtech in the fourth quarter worth about $31,000. Dunhill Financial LLC purchased a new position in shares of Semtech in the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC raised its stake in shares of 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 acquiring an additional 505 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Semtech during the fourth quarter valued at approximately $52,000. Finally, Versant Capital Management Inc boosted its position in shares of Semtech by 58.5% in the 1st quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company’s stock worth $52,000 after purchasing an additional 553 shares in 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.