Semtech (NASDAQ:SMTC) Shares Down 7.9% – Time to Sell?

Semtech Co. (NASDAQ:SMTC) was down 7.9% during mid-day trading on Friday . The stock traded as low as $43.48 and last traded at $43.58. Approximately 934,777 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 1,811,163 shares. The stock had previously closed at $47.33.

Analyst Ratings Changes

A number of brokerages recently commented on SMTC. Needham & Company LLC restated a “buy” rating and set a $50.00 price objective on shares of Semtech in a research note on Wednesday, August 28th. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus upped their target price on shares of Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, B. Riley raised their price target on shares of Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and an average price target of $52.60.

Semtech Stock Down 6.8 %

The business’s 50 day moving average price is $44.72 and its two-hundred day moving average price is $38.53.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The firm had revenue of $215.40 million during the quarter, compared to analyst estimates of $212.30 million. During the same period last year, the company posted ($0.06) EPS. The firm’s quarterly revenue was down 9.6% on a year-over-year basis. Research analysts anticipate that Semtech Co. will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Semtech

Hedge funds have recently made changes to their positions in the business. Huntington National Bank boosted its holdings in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Semtech by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock valued at $540,000 after acquiring an additional 407 shares during the last quarter. Hanseatic Management Services Inc. boosted its stake in shares of Semtech by 3.2% during the 3rd quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock worth $658,000 after acquiring an additional 447 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Semtech by 6.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock worth $214,000 after acquiring an additional 461 shares during the last quarter. Finally, Creative Planning raised its position in shares of 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 purchasing an additional 588 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.