Semtech Co. (NASDAQ:SMTC) Sees Large Drop in Short Interest

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Semtech Co. (NASDAQ:SMTC) was the recipient of a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,670,000 shares, a decrease of 9.2% from the September 30th total of 1,840,000 shares. Based on an average trading volume of 473,700 shares, the days-to-cover ratio is presently 3.5 days. Currently, 2.6% of the company’s stock are sold short.

A number of research firms have recently issued reports on SMTC. Craig Hallum reduced their price target on shares of Semtech from $9.00 to $6.00 in a research report on Monday, September 23rd. Wells Fargo & Co restated an “outperformer” rating and issued a $60.00 price target (down from $65.00) on shares of Semtech in a research report on Thursday, August 29th. BWS Financial downgraded shares of Semtech from a “buy” rating to a “hold” rating and reduced their price target for the stock from $70.00 to $50.00 in a research report on Friday. Cowen reduced their price target on shares of Semtech from $56.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Finally, Robert W. Baird set a $45.00 price target on shares of Semtech and gave the stock a “buy” rating in a research report on Monday, August 26th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Semtech has a consensus rating of “Buy” and an average target price of $49.17.

In other Semtech news, EVP Asaf Silberstein sold 6,000 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $55.00, for a total transaction of $330,000.00. Following the transaction, the executive vice president now directly owns 50,653 shares in the company, valued at approximately $2,785,915. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark C. Costello sold 8,951 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $46.80, for a total transaction of $418,906.80. Following the transaction, the vice president now owns 3,090 shares in the company, valued at $144,612. The disclosure for this sale can be found here. Insiders have sold a total of 25,717 shares of company stock worth $1,262,791 over the last quarter. 1.96% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in shares of Semtech by 19.5% in the second quarter. Invesco Ltd. now owns 3,183,581 shares of the semiconductor company’s stock worth $152,970,000 after buying an additional 520,483 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Semtech by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 2,662,637 shares of the semiconductor company’s stock worth $127,940,000 after buying an additional 32,265 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Semtech by 6.0% in the third quarter. Fisher Asset Management LLC now owns 1,613,017 shares of the semiconductor company’s stock worth $78,409,000 after buying an additional 90,714 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Semtech by 80.7% in the second quarter. JPMorgan Chase & Co. now owns 1,577,500 shares of the semiconductor company’s stock worth $76,067,000 after buying an additional 704,376 shares during the period. Finally, Macquarie Group Ltd. boosted its holdings in shares of Semtech by 3.2% in the second quarter. Macquarie Group Ltd. now owns 1,383,642 shares of the semiconductor company’s stock worth $66,484,000 after buying an additional 42,764 shares during the period. Institutional investors own 96.41% of the company’s stock.

Shares of Semtech stock traded down $0.50 during trading hours on Friday, reaching $52.40. The company’s stock had a trading volume of 248,000 shares, compared to its average volume of 269,305. Semtech has a one year low of $39.54 and a one year high of $57.96. The company has a debt-to-equity ratio of 0.27, a quick ratio of 3.42 and a current ratio of 4.10. The company’s 50 day simple moving average is $50.50 and its 200 day simple moving average is $47.82. The stock has a market cap of $3.52 billion, a P/E ratio of 39.40, a price-to-earnings-growth ratio of 4.17 and a beta of 1.93.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings data on Wednesday, August 28th. The semiconductor company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.03. Semtech had a net margin of 7.34% and a return on equity of 12.91%. The company had revenue of $137.10 million during the quarter, compared to analyst estimates of $134.85 million. During the same quarter last year, the firm posted $0.55 EPS. The business’s revenue for the quarter was down 16.0% on a year-over-year basis. On average, sell-side analysts predict that Semtech will post 1.06 earnings per share for the current fiscal year.

About Semtech

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, and communications 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.

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