Shares of Semtech Co. (NASDAQ:SMTC - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $27.30, but opened at $26.00. Semtech shares last traded at $26.09, with a volume of 269,041 shares trading hands.
Wall Street Analyst Weigh In
SMTC has been the subject of a number of research reports. Robert W. Baird decreased their price target on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. Benchmark decreased their target price on Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Stifel Nicolaus dropped their target price on Semtech from $54.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday. Needham & Company LLC restated a "buy" rating and set a $54.00 price objective on shares of Semtech in a report on Friday, March 14th. Finally, Morgan Stanley began coverage on Semtech in a research report on Monday, April 7th. They set an "equal weight" rating and a $30.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $57.33.
Check Out Our Latest Stock Analysis on SMTC
Semtech Trading Up 0.9 %
The firm has a 50-day moving average price of $34.19 and a 200-day moving average price of $49.18. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -2.01, a PEG ratio of 2.12 and a beta of 1.85.
Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same quarter last year, the business posted ($0.06) EPS. The business's revenue for the quarter was up 30.1% on a year-over-year basis. Equities research analysts predict that Semtech Co. will post -0.02 EPS for the current fiscal year.
Insider Transactions at Semtech
In other news, CFO Mark Lin sold 2,990 shares of the business's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total transaction of $177,755.50. Following the sale, the chief financial officer now owns 5,446 shares in the company, valued at $323,764.70. The trade was a 35.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 16,787 shares of company stock valued at $665,044 over the last three months. Company insiders own 0.60% of the company's stock.
Hedge Funds Weigh In On Semtech
Institutional investors and hedge funds have recently bought and sold shares of the business. Whale Rock Capital Management LLC grew its holdings in Semtech by 364.2% in the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company's stock valued at $202,015,000 after buying an additional 2,562,602 shares during the last quarter. Wellington Management Group LLP increased its stake in Semtech by 827.0% in the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock valued at $132,550,000 after acquiring an additional 1,911,890 shares during the period. Vanguard Group Inc. raised its holdings in shares of Semtech by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock worth $713,906,000 after buying an additional 1,326,226 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Semtech during the 4th quarter worth approximately $51,315,000. Finally, Fred Alger Management LLC boosted its stake in Semtech by 122.6% in the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company's stock valued at $92,271,000 after buying an additional 821,671 shares in the last quarter.
About Semtech
(
Get Free Report)
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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