Semtech (NASDAQ:SMTC) Stock Price Down 5% - What's Next?

Semtech Co. (NASDAQ:SMTC - Get Free Report) shares traded down 5% on Wednesday . The stock traded as low as $36.04 and last traded at $36.27. 1,082,377 shares were traded during mid-day trading, a decline of 63% from the average session volume of 2,900,289 shares. The stock had previously closed at $38.18.

Wall Street Analyst Weigh In

SMTC has been the topic of a number of analyst reports. UBS Group assumed coverage on shares of Semtech in a research report on Friday, January 17th. They issued a "buy" rating and a $85.00 price objective on the stock. Needham & Company LLC reduced their price target on shares of Semtech from $74.00 to $54.00 and set a "buy" rating on the stock in a research report on Monday, February 10th. Northland Securities raised their target price on shares of Semtech from $60.00 to $66.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 10th. Benchmark raised their target price on Semtech from $56.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Finally, Stifel Nicolaus cut their target price on shares of Semtech from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, February 10th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $67.91.

Semtech Price Performance

The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -2.86, a PEG ratio of 2.98 and a beta of 1.64. The stock has a 50-day moving average price of $62.97 and a 200-day moving average price of $50.84.

Semtech (NASDAQ:SMTC - Get Free Report) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. The company's revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business earned $0.02 EPS.

Insider Buying and Selling at Semtech

In other Semtech news, SVP Imran Sherazi sold 2,946 shares of the firm's stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the sale, the senior vice president now directly owns 6,317 shares in the company, valued at $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Lin sold 2,990 shares of the firm's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total transaction of $177,755.50. Following the transaction, the chief financial officer now directly owns 5,446 shares of the company's stock, valued at approximately $323,764.70. This trade represents a 35.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,747 shares of company stock valued at $1,095,061. Corporate insiders own 0.60% of the company's stock.

Institutional Trading of Semtech

Institutional investors have recently modified their holdings of the stock. Huntington National Bank boosted its holdings in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 302 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Semtech by 27.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company's stock valued at $97,000 after purchasing an additional 337 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Semtech by 15.3% in the 4th quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company's stock valued at $196,000 after purchasing an additional 421 shares during the last quarter. Hanseatic Management Services Inc. boosted its holdings in shares of Semtech by 3.2% in the 3rd quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company's stock valued at $658,000 after buying an additional 447 shares in the last quarter. Finally, Hollencrest Capital Management acquired a new position in shares of Semtech in the 4th quarter valued at $31,000.

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.