Semtech (NASDAQ:SMTC) Stock Price Down 15.8% – Time to Sell?

Semtech Co. (NASDAQ:SMTC)’s stock price dropped 15.8% on Thursday . The stock traded as low as $31.41 and last traded at $30.84. Approximately 659,221 shares changed hands during trading, a decline of 70% from the average daily volume of 2,182,140 shares. The stock had previously closed at $36.62.

Analysts Set New Price Targets

SMTC has been the topic of several recent research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 target price (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Northland Securities increased their price target on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Benchmark decreased their price objective on shares of Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 14th. UBS Group cut their target price on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Finally, Craig Hallum lowered their price objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.55.

Semtech Stock Performance

The firm’s 50-day simple moving average is $43.50 and its 200 day simple moving average is $50.91. The stock has a market capitalization of $2.56 billion, a P/E ratio of -2.28, a PEG ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 30.1% on a year-over-year basis. As a group, research analysts expect that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the sale, the chief operating officer now owns 76,417 shares of the company’s stock, valued at approximately $5,349,190. The trade was a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Lin sold 10,890 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now directly owns 11,625 shares in the company, valued at $403,155. This represents a 48.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,484 shares of company stock worth $993,933. 0.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Semtech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in Semtech during the 4th quarter worth $31,000. Dunhill Financial LLC bought a new position in Semtech during the fourth quarter worth $31,000. Smartleaf Asset Management LLC lifted its stake in shares of Semtech by 190.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 505 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Semtech during the 4th quarter worth approximately $52,000. Finally, AlphaQuest LLC grew its position in shares of Semtech by 173.5% during the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after buying an additional 772 shares during the period.

About Semtech

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.