Semtech (NASDAQ:SMTC) Shares Down 10.1% on Insider Selling

by · The Markets Daily

Semtech Co. (NASDAQ:SMTC – Get Free Report) shares dropped 10.1% on Thursday following insider selling activity. The company traded as low as $33.18 and last traded at $33.10. Approximately 1,130,982 shares changed hands during trading, a decline of 58% from the average daily volume of 2,720,839 shares. The stock had previously closed at $36.84.

Specifically, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares of the company’s stock, valued at approximately $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

SMTC has been the topic of a number of research reports. B. Riley boosted their target price 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. Robert W. Baird dropped their target price on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Susquehanna boosted their price target on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Needham & Company LLC lowered their price target on shares of Semtech from $74.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Finally, Northland Securities boosted their price target on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $67.91.

View Our Latest Analysis on SMTC

Semtech Trading Up 3.6 %

The company’s fifty day moving average price is $55.20 and its two-hundred day moving average price is $51.24. The firm has a market cap of $2.54 billion, a P/E ratio of -2.57, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69.

Institutional Investors Weigh In On Semtech

Several large investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Semtech during the 4th quarter worth about $15,131,000. Jefferies Financial Group Inc. lifted its position in Semtech by 62.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 77,659 shares of the semiconductor company’s stock worth $4,803,000 after buying an additional 29,723 shares in the last quarter. Mackenzie Financial Corp lifted its position in Semtech by 44.2% during the 4th quarter. Mackenzie Financial Corp now owns 39,824 shares of the semiconductor company’s stock worth $2,463,000 after buying an additional 12,211 shares in the last quarter. Castleark Management LLC acquired a new position in Semtech during the 4th quarter worth about $7,555,000. Finally, Whale Rock Capital Management LLC lifted its position in Semtech by 364.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock worth $202,015,000 after buying an additional 2,562,602 shares in the last quarter.

Semtech Company Profile

(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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