Semtech (SMTC) Stock Price Down 6.3% After Analyst Downgrade

Semtech Co. (NASDAQ:SMTC)’s share price fell 6.3% during mid-day trading on Thursday after B. Riley lowered their price target on the stock from $68.00 to $65.00. B. Riley currently has a buy rating on the stock. Semtech traded as low as $51.10 and last traded at $51.98. 2,255,360 shares changed hands during mid-day trading, an increase of 319% from the average session volume of 538,528 shares. The stock had previously closed at $55.50.

SMTC has been the topic of a number of other reports. ValuEngine cut Semtech from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. Royal Bank of Canada restated an “outperform” rating and issued a $55.00 target price on shares of Semtech in a report on Thursday, November 29th. Piper Jaffray Companies lifted their target price on Semtech from $55.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, November 29th. Roth Capital set a $62.00 price target on Semtech and gave the company a “buy” rating in a report on Thursday, November 29th. Finally, Zacks Investment Research downgraded Semtech from a “hold” rating to a “sell” rating in a report on Monday, December 3rd. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Semtech presently has an average rating of “Buy” and a consensus price target of $59.00.

In other news, SVP Sharon K. Faltemier sold 20,000 shares of Semtech stock in a transaction on Friday, January 4th. The stock was sold at an average price of $45.53, for a total transaction of $910,600.00. Following the transaction, the senior vice president now owns 33,386 shares in the company, valued at $1,520,064.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Michael Wilson sold 5,000 shares of Semtech stock in a transaction on Monday, December 31st. The shares were sold at an average price of $45.52, for a total value of $227,600.00. Following the transaction, the executive vice president now owns 77,419 shares in the company, valued at approximately $3,524,112.88. The disclosure for this sale can be found here. Insiders have sold 52,300 shares of company stock worth $2,516,512 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Semtech by 4.0% during the third quarter. BlackRock Inc. now owns 9,497,991 shares of the semiconductor company’s stock valued at $528,088,000 after purchasing an additional 363,609 shares during the last quarter. Vanguard Group Inc. boosted its position in Semtech by 1.8% during the third quarter. Vanguard Group Inc. now owns 6,807,219 shares of the semiconductor company’s stock valued at $378,481,000 after purchasing an additional 122,945 shares during the last quarter. Vanguard Group Inc boosted its position in Semtech by 1.8% during the third quarter. Vanguard Group Inc now owns 6,807,219 shares of the semiconductor company’s stock valued at $378,481,000 after purchasing an additional 122,945 shares during the last quarter. Frontier Capital Management Co. LLC boosted its position in Semtech by 2.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 4,449,502 shares of the semiconductor company’s stock valued at $204,099,000 after purchasing an additional 89,194 shares during the last quarter. Finally, FMR LLC boosted its position in Semtech by 16.2% during the fourth quarter. FMR LLC now owns 4,114,152 shares of the semiconductor company’s stock valued at $188,717,000 after purchasing an additional 573,087 shares during the last quarter. 98.14% of the stock is owned by hedge funds and other institutional investors.

The stock has a market cap of $3.63 billion, a PE ratio of 37.13, a price-to-earnings-growth ratio of 2.44 and a beta of 1.67. The company has a quick ratio of 3.53, a current ratio of 4.03 and a debt-to-equity ratio of 0.28.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Wednesday, March 13th. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The firm had revenue of $160.00 million during the quarter, compared to analysts’ expectations of $158.48 million. Semtech had a return on equity of 14.23% and a net margin of 7.97%. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 earnings per share. As a group, equities research analysts anticipate that Semtech Co. will post 1.56 earnings per share for the current fiscal year.

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Semtech Company Profile (NASDAQ:SMTC)

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, communications, and high-end consumer applications; and a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications.

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