Semtech (NASDAQ:SMTC) Shares Down 5.1% - Time to Sell?

Shares of Semtech Co. (NASDAQ:SMTC - Get Free Report) were down 5.1% during trading on Thursday . The stock traded as low as $68.20 and last traded at $68.82. Approximately 913,254 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 1,477,190 shares. The stock had previously closed at $72.51.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SMTC shares. Roth Mkm boosted their price target on shares of Semtech from $50.00 to $60.00 and gave the company a "buy" rating in a report on Monday, November 25th. Northland Securities upped their target price on shares of Semtech from $60.00 to $66.00 and gave the company an "outperform" rating in a research note on Tuesday, December 10th. Piper Sandler restated an "overweight" rating and set a $75.00 price target (up previously from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Needham & Company LLC upped their price objective on Semtech from $70.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Finally, Craig Hallum raised their target price on Semtech from $48.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.09.

Semtech Stock Performance

The stock has a market cap of $5.68 billion, a P/E ratio of -5.75 and a beta of 1.65. The company has a 50-day simple moving average of $61.24 and a 200-day simple moving average of $46.76.

Semtech (NASDAQ:SMTC - Get Free Report) last released its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The business had revenue of $236.80 million during the quarter, compared to analysts' expectations of $232.89 million. During the same period in the previous year, the business posted $0.02 earnings per share. The firm's revenue for the quarter was up 17.9% compared to the same quarter last year.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 1,359 shares of Semtech stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $65.15, for a total value of $88,538.85. Following the completion of the sale, the chief financial officer now directly owns 4,164 shares in the company, valued at $271,284.60. This trade represents a 24.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Imran Sherazi sold 2,946 shares of the company's stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $63.30, for a total transaction of $186,481.80. Following the transaction, the senior vice president now owns 6,317 shares in the company, valued at approximately $399,866.10. The trade was a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,419 shares of company stock worth $816,955. Corporate insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Semtech

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC lifted its stake in shares of Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company's stock valued at $108,956,000 after purchasing an additional 765,877 shares during the period. Disciplined Growth Investors Inc. MN increased its holdings in Semtech by 4.6% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company's stock valued at $119,172,000 after purchasing an additional 114,999 shares during the last quarter. Geode Capital Management LLC lifted its stake in Semtech by 8.0% in the third quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company's stock valued at $73,883,000 after buying an additional 119,572 shares during the period. Driehaus Capital Management LLC bought a new position in Semtech during the second quarter worth about $43,395,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Semtech by 10.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company's stock worth $48,303,000 after buying an additional 100,410 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.