Semtech (NASDAQ:SMTC) Stock Price Down 10.1% After Insider Selling

Shares of Semtech Co. (NASDAQ:SMTC) dropped 10.1% during trading on Thursday following insider selling activity. The company traded as low as $33.18 and last traded at $33.10. Approximately 1,130,982 shares changed hands during trading, a decline of 58% from the average daily volume of 2,720,839 shares. The stock had previously closed at $36.84.

Specifically, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

SMTC has been the topic of several recent research reports. Susquehanna lifted their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Stifel Nicolaus lowered their price objective on shares of Semtech from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Robert W. Baird lowered their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Northland Securities lifted their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Finally, Needham & Company LLC lowered their price objective on shares of Semtech from $74.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Trading Up 3.6 %

The firm’s fifty day moving average price is $55.20 and its 200 day moving average price is $51.24. The firm has a market capitalization of $2.54 billion, a PE ratio of -2.57, a PEG ratio of 2.12 and a beta of 1.69.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently modified their holdings of SMTC. International Assets Investment Management LLC lifted its stake in shares of Semtech by 4,464.9% in the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after purchasing an additional 1,652 shares during the last quarter. Van ECK Associates Corp acquired a new stake in shares of Semtech in the 3rd quarter valued at $125,000. Amalgamated Bank lifted its stake in shares of Semtech by 10.1% in the 3rd quarter. Amalgamated Bank now owns 21,694 shares of the semiconductor company’s stock valued at $991,000 after purchasing an additional 1,995 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Semtech by 10.5% in the 3rd quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company’s stock valued at $16,187,000 after purchasing an additional 33,606 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Semtech in the 3rd quarter valued at $201,000.

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.