Semtech (NASDAQ:SMTC) Shares Gap Down – What’s Next?

Semtech Co. (NASDAQ:SMTC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $73.02, but opened at $65.50. Semtech shares last traded at $59.37, with a volume of 1,542,880 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Roth Mkm boosted their price objective on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Northland Securities raised their price objective on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Needham & Company LLC boosted their target price on Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, December 12th. UBS Group began coverage on Semtech in a research report on Friday, January 17th. They issued a “buy” rating and a $85.00 target price for the company. Finally, B. Riley lifted their price target on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $71.09.

Semtech Trading Up 6.6 %

The company has a 50 day moving average price of $64.93 and a 200 day moving average price of $49.06.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. Semtech’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.02 EPS.

Insider Buying and Selling at Semtech

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the 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 transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at approximately $5,349,190. This trade represents a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Imran Sherazi sold 1,338 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the sale, the senior vice president now directly owns 14 shares in the company, valued at $1,050. This trade represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,757 shares of company stock valued at $917,305. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Semtech

Several hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new stake in Semtech during the second quarter worth approximately $4,939,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Semtech by 15.3% during the second quarter. The Manufacturers Life Insurance Company now owns 35,691 shares of the semiconductor company’s stock worth $1,066,000 after purchasing an additional 4,743 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Semtech in the second quarter valued at $437,000. Creative Planning lifted its position in Semtech by 3.4% during the second quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after buying an additional 588 shares during the period. Finally, Quarry LP acquired a new stake in Semtech in the 2nd quarter worth about $63,000.

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.