Semtech (SMTC) Shares Down 6.3% After Analyst Downgrade

Share on StockTwits

Semtech Co. (NASDAQ:SMTC) shares dropped 6.3% during mid-day trading on Thursday after B. Riley lowered their price target on the stock from $68.00 to $65.00. B. Riley currently has a buy rating on the stock. Semtech traded as low as $51.10 and last traded at $51.98. Approximately 2,255,360 shares traded hands during mid-day trading, an increase of 319% from the average daily volume of 538,528 shares. The stock had previously closed at $55.50.

Other analysts have also recently issued research reports about the stock. Roth Capital set a $62.00 price objective on shares of Semtech and gave the stock a “buy” rating in a report on Thursday, November 29th. ValuEngine cut shares of Semtech from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. BidaskClub raised shares of Semtech from a “hold” rating to a “buy” rating in a report on Wednesday, February 27th. Zacks Investment Research reissued a “hold” rating on shares of Semtech in a report on Thursday, November 15th. Finally, Susquehanna Bancshares initiated coverage on shares of Semtech in a report on Friday, December 7th. They set a “neutral” rating and a $54.00 price objective on the stock. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Semtech has an average rating of “Buy” and a consensus target price of $59.00.

In other news, EVP John Michael Wilson sold 5,000 shares of Semtech stock in a transaction on Monday, December 31st. The shares were sold at an average price of $45.52, for a total value of $227,600.00. Following the transaction, the executive vice president now directly owns 77,419 shares of the company’s stock, valued at approximately $3,524,112.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Emeka Chukwu sold 1,100 shares of Semtech stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $54.97, for a total transaction of $60,467.00. Following the completion of the transaction, the chief financial officer now directly owns 98,297 shares in the company, valued at $5,403,386.09. The disclosure for this sale can be found here. Insiders sold a total of 52,300 shares of company stock worth $2,516,512 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Several institutional investors have recently made changes to their positions in SMTC. Oregon Public Employees Retirement Fund acquired a new position in shares of Semtech in the 4th quarter valued at $25,000. Pearl River Capital LLC acquired a new position in shares of Semtech in the 4th quarter valued at $25,000. Cutler Group LP acquired a new position in shares of Semtech in the 4th quarter valued at $27,000. Enlightenment Research LLC acquired a new position in shares of Semtech in the 4th quarter valued at $28,000. Finally, IFP Advisors Inc increased its holdings in shares of Semtech by 44.7% in the 4th quarter. IFP Advisors Inc now owns 1,010 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 312 shares during the period. 98.14% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $3.63 billion, a P/E ratio of 39.19, a price-to-earnings-growth ratio of 2.44 and a beta of 1.67. The company has a debt-to-equity ratio of 0.28, a quick ratio of 3.53 and a current ratio of 4.03.

Semtech (NASDAQ:SMTC) last announced its earnings results on Wednesday, March 13th. The semiconductor company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The business had revenue of $160.00 million for the quarter, compared to analysts’ expectations of $158.48 million. Semtech had a net margin of 7.97% and a return on equity of 14.23%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 EPS. Research analysts predict that Semtech Co. will post 1.56 EPS for the current year.

ILLEGAL ACTIVITY WARNING: This story was posted by Ticker Report and is the sole property of of Ticker Report. If you are accessing this story on another publication, it was illegally stolen and reposted in violation of US and international trademark and copyright law. The legal version of this story can be read at https://www.tickerreport.com/banking-finance/4224879/semtech-smtc-shares-down-6-3-after-analyst-downgrade.html.

About Semtech (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.

Read More: Leveraged Buyout (LBO) Explained

Receive News & Ratings for Semtech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Semtech and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

Semtech   Shares Down 6.3%  After Analyst Downgrade
Semtech Shares Down 6.3% After Analyst Downgrade
Jefferies Financial Group Comments on BHP Group PLC’s FY2019 Earnings
Jefferies Financial Group Comments on BHP Group PLC’s FY2019 Earnings
Research Analysts Set Expectations for Power Co. of Canada’s FY2019 Earnings
Research Analysts Set Expectations for Power Co. of Canada’s FY2019 Earnings
Somewhat Negative Media Coverage Very Unlikely to Affect Airbus  Share Price
Somewhat Negative Media Coverage Very Unlikely to Affect Airbus Share Price
BidaskClub Lowers American Superconductor  to Buy
BidaskClub Lowers American Superconductor to Buy
Commscope  Lowered to “Strong Sell” at BidaskClub
Commscope Lowered to “Strong Sell” at BidaskClub


Leave a Reply

© 2006-2019 Ticker Report