Semtech (NASDAQ:SMTC) Trading Up 5.9% – Time to Buy?

Semtech Co. (NASDAQ:SMTC)’s share price was up 5.9% during mid-day trading on Wednesday . The company traded as high as $41.03 and last traded at $40.92. Approximately 911,686 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 2,182,070 shares. The stock had previously closed at $38.65.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Stifel Nicolaus reduced their price target on Semtech from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Benchmark reduced their price target on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Craig Hallum reduced their price target on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Susquehanna boosted their price target on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Finally, Robert W. Baird reduced their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and a consensus price target of $61.55.

Semtech Price Performance

The company has a fifty day moving average of $49.58 and a 200-day moving average of $51.08. The firm has a market cap of $3.00 billion, a P/E ratio of -3.04, a P/E/G ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) EPS. On average, sell-side analysts expect that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Activity

In related news, CFO Mark Lin sold 1,359 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $65.15, for a total transaction of $88,538.85. Following the sale, the chief financial officer now owns 4,164 shares of the company’s stock, valued at approximately $271,284.60. This represents a 24.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the sale, the senior vice president now directly owns 14 shares in the company, valued at $1,050. This trade represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,577 shares of company stock valued at $884,310 in the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Trading of Semtech

A number of institutional investors have recently added to or reduced their stakes in SMTC. Quadrant Capital Group LLC raised its holdings in shares of Semtech by 27.4% in the 4th 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 in the last quarter. GAMMA Investing LLC grew its position in Semtech by 15.3% during the 4th quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock worth $196,000 after acquiring an additional 421 shares during the last quarter. Hollencrest Capital Management bought a new position in Semtech during the 4th quarter worth approximately $31,000. Dunhill Financial LLC bought a new position in Semtech during the 4th quarter worth approximately $31,000. Finally, Smartleaf Asset Management LLC grew its position in Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 505 shares during the last quarter.

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.