Semtech (NASDAQ:SMTC) Sets New 52-Week Low - Time to Sell?

Semtech Co. (NASDAQ:SMTC - Get Free Report) shares reached a new 52-week low on Monday . The stock traded as low as $24.33 and last traded at $24.40, with a volume of 430914 shares changing hands. The stock had previously closed at $26.24.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SMTC. Stifel Nicolaus reduced their target price on shares of Semtech from $54.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday. Benchmark lowered their target price on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Robert W. Baird cut their price target on Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Craig Hallum dropped their price objective on shares of Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Finally, Morgan Stanley initiated coverage on shares of Semtech in a research report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 price target on the stock. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $57.33.

Semtech Price Performance

The business has a 50 day moving average price of $34.19 and a two-hundred day moving average price of $49.24. The stock has a market cap of $2.10 billion, a PE ratio of -1.86, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85.

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

Insider Activity at Semtech

In related news, CFO Mark Lin sold 10,890 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the transaction, the chief financial officer now directly owns 11,625 shares of the company's stock, valued at $403,155. This represents a 48.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 16,787 shares of company stock worth $665,044 over the last quarter. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SMTC. Assenagon Asset Management S.A. boosted its position in shares of Semtech by 1,205.5% during the first quarter. Assenagon Asset Management S.A. now owns 471,966 shares of the semiconductor company's stock valued at $16,236,000 after purchasing an additional 435,814 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Semtech by 19.8% during the 1st quarter. Handelsbanken Fonder AB now owns 25,988 shares of the semiconductor company's stock valued at $894,000 after buying an additional 4,300 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Semtech by 188.8% during the 1st quarter. Harbor Capital Advisors Inc. now owns 266,836 shares of the semiconductor company's stock valued at $9,179,000 after buying an additional 174,441 shares in the last quarter. NBC Securities Inc. grew its position in shares of Semtech by 104,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock worth $36,000 after buying an additional 1,047 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Semtech by 3.5% in the 1st quarter. Rhumbline Advisers now owns 212,584 shares of the semiconductor company's stock worth $7,313,000 after acquiring an additional 7,221 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.

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