Semtech Co. (NASDAQ:SMTC – Get Rating) shares hit a new 52-week low on Thursday after Cowen downgraded the stock from an outperform rating to a market perform rating. Cowen now has a $43.00 price target on the stock, down from their previous price target of $65.00. Semtech traded as low as $30.88 and last traded at $31.14, with a volume of 27731 shares traded. The stock had previously closed at $46.19.
Several other research firms have also recently issued reports on SMTC. Oppenheimer cut Semtech from an “outperform” rating to a “market perform” rating in a report on Thursday. B. Riley cut Semtech from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $87.00 to $65.00 in a report on Wednesday, June 15th. Piper Sandler lowered their price objective on Semtech from $95.00 to $60.00 in a report on Thursday. Susquehanna Bancshares lowered their price objective on Semtech to $56.00 in a report on Monday. Finally, StockNews.com upgraded Semtech from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 14th. Seven research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $69.55.
Insider Buying and Selling at Semtech
In other Semtech news, EVP Asaf Silberstein sold 1,971 shares of the business’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $62.60, for a total value of $123,384.60. Following the sale, the executive vice president now owns 59,000 shares of the company’s stock, valued at $3,693,400. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Semtech
Institutional investors have recently modified their holdings of the business. Sageworth Trust Co of South Dakota acquired a new position in shares of Semtech in the fourth quarter worth $25,000. CWM LLC grew its stake in shares of Semtech by 130.3% in the second quarter. CWM LLC now owns 585 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 331 shares in the last quarter. Private Capital Group LLC grew its stake in shares of Semtech by 132.4% in the first quarter. Private Capital Group LLC now owns 588 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 335 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of Semtech in the second quarter worth $41,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Semtech by 107.2% during the fourth quarter. First Horizon Advisors Inc. now owns 487 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 252 shares in the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.
Semtech Trading Down 34.9 %
The company has a debt-to-equity ratio of 0.25, a current ratio of 4.49 and a quick ratio of 3.52. The business’s 50 day moving average is $54.27 and its 200 day moving average is $60.32. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 1.15 and a beta of 1.53.
Semtech (NASDAQ:SMTC – Get Rating) last issued its earnings results on Wednesday, August 31st. The semiconductor company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $209.25 million during the quarter, compared to the consensus estimate of $208.29 million. Semtech had a net margin of 18.15% and a return on equity of 20.24%. The company’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 earnings per share. As a group, equities analysts expect that Semtech Co. will post 2.75 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. 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.