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

Semtech Co. (NASDAQ:SMTC)’s stock price traded down 10.1% during trading on Thursday after an insider sold shares in the company. The company traded as low as $33.18 and last traded at $33.10. 1,130,982 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 2,720,839 shares. The stock had previously closed at $36.84.

Specifically, CFO Mark Lin sold 10,890 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the sale, the chief financial officer now directly owns 11,625 shares of the company’s stock, valued at approximately $403,155. This represents a 48.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Roth Mkm increased their target price on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Stifel Nicolaus decreased their price target on shares of Semtech from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 price target (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Northland Securities raised their price target on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Finally, Susquehanna raised their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Stock Performance

The firm has a fifty day simple moving average of $55.20 and a 200-day simple moving average of $51.24. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -2.57, a P/E/G ratio of 2.12 and a beta of 1.69.

Institutional Investors Weigh In On Semtech

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Huntington National Bank grew its position in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the last quarter. Quadrant Capital Group LLC grew its position in Semtech by 27.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company’s stock valued at $97,000 after acquiring an additional 337 shares during the last quarter. GAMMA Investing LLC grew its position in Semtech by 15.3% in the fourth quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock valued at $196,000 after acquiring an additional 421 shares during the last quarter. Hollencrest Capital Management bought a new position in Semtech in the fourth quarter valued at about $31,000. Finally, Dunhill Financial LLC bought a new position in Semtech in the fourth quarter valued at about $31,000.

Semtech Company Profile

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.