Semtech (NASDAQ:SMTC) Stock Price Down 5% - Should You Sell?

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

Analysts Set New Price Targets

A number of equities analysts have commented on SMTC shares. Northland Securities lifted their price objective 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 lifted their price objective on shares of Semtech from $56.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Stifel Nicolaus reduced their price objective on shares of Semtech from $75.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, February 10th. B. Riley lifted their price objective on shares of Semtech from $61.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Finally, Craig Hallum boosted their target price on shares of Semtech from $48.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Semtech presently has an average rating of "Moderate Buy" and an average price target of $67.91.

Semtech Stock Up 0.0 %

The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -2.86, a P/E/G ratio of 2.98 and a beta of 1.64. The stock has a 50 day moving average of $62.42 and a 200 day moving average of $51.02.

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

Insider Activity at Semtech

In related news, SVP Imran Sherazi sold 2,946 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Lin sold 6,114 shares of the firm's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the transaction, the chief financial officer now owns 3,531 shares in the company, valued at approximately $232,127.94. This trade represents a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,747 shares of company stock worth $1,095,061 over the last ninety days. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Semtech

Large investors have recently bought and sold shares of the stock. Huntington National Bank lifted its stake in Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 302 shares in the last quarter. Hollencrest Capital Management bought a new stake in shares of Semtech during the 4th quarter worth $31,000. Dunhill Financial LLC bought a new stake in shares of Semtech during the 4th quarter worth $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 purchasing an additional 505 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Semtech during the 4th quarter worth $52,000.

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.