Semtech (SMTC) Shares Gap Down on Analyst Downgrade

Semtech Co. (NASDAQ:SMTC) gapped down prior to trading on Friday after B. Riley lowered their price target on the stock from $68.00 to $65.00. The stock had previously closed at $51.69, but opened at $51.98. B. Riley currently has a buy rating on the stock. Semtech shares last traded at $55.13, with a volume of 762262 shares trading hands.

Several other equities research analysts have also recently weighed in on the company. Roth Capital cut Semtech from a “buy” rating to a “neutral” rating and set a $49.00 price target for the company. in a research note on Thursday. BidaskClub cut Semtech from a “buy” rating to a “hold” rating in a research note on Thursday, March 7th. ValuEngine cut Semtech from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. Zacks Investment Research raised Semtech from a “sell” rating to a “hold” rating in a research note on Friday, February 1st. Finally, Susquehanna Bancshares started coverage on Semtech in a research note on Friday, December 7th. They set a “neutral” rating and a $54.00 target price for the company. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $59.00.

In other Semtech news, EVP John Michael Wilson sold 5,000 shares of the stock in a transaction that occurred on Monday, December 31st. The stock was 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 $3,524,112.88. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Emeka Chukwu sold 1,100 shares of the stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $54.97, for a total value of $60,467.00. Following the completion of the transaction, the chief financial officer now owns 98,297 shares in the company, valued at approximately $5,403,386.09. The disclosure for this sale can be found here. Insiders have sold 52,300 shares of company stock valued at $2,516,512 in the last ninety days. 2.30% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the business. State of Alaska Department of Revenue boosted its holdings in Semtech by 0.9% in the fourth quarter. State of Alaska Department of Revenue now owns 22,005 shares of the semiconductor company’s stock worth $1,009,000 after acquiring an additional 200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Semtech by 6.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,757 shares of the semiconductor company’s stock valued at $218,000 after purchasing an additional 279 shares in the last quarter. Miles Capital Inc. lifted its holdings in shares of Semtech by 5.5% in the fourth quarter. Miles Capital Inc. now owns 5,527 shares of the semiconductor company’s stock valued at $254,000 after purchasing an additional 286 shares in the last quarter. IFP Advisors Inc lifted its holdings in shares of Semtech by 44.7% in the fourth quarter. IFP Advisors Inc now owns 1,010 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 312 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. lifted its holdings in shares of Semtech by 2.7% in the fourth quarter. Piedmont Investment Advisors Inc. now owns 15,648 shares of the semiconductor company’s stock valued at $718,000 after purchasing an additional 415 shares in the last quarter. Institutional investors and hedge funds own 98.14% of the company’s stock.

The company has a quick ratio of 3.53, a current ratio of 4.03 and a debt-to-equity ratio of 0.28. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of 39.23, a P/E/G ratio of 2.44 and a beta of 1.67.

Semtech (NASDAQ:SMTC) last posted its earnings results on Wednesday, March 13th. The semiconductor company reported $0.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.02. Semtech had a return on equity of 14.23% and a net margin of 7.97%. The company had revenue of $160.00 million for the quarter, compared to analyst estimates of $158.48 million. During the same quarter last year, the company earned $0.42 earnings per share. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities analysts forecast 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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