Semtech (NASDAQ:SMTC) Trading Down 7.9% – What’s Next?

Semtech Co. (NASDAQ:SMTC) shares were down 7.9% during trading on Friday . The stock traded as low as $43.48 and last traded at $43.58. Approximately 934,777 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 1,811,163 shares. The stock had previously closed at $47.33.

Analyst Ratings Changes

A number of research firms have recently issued reports on SMTC. Benchmark restated a “buy” rating and set a $56.00 price target on shares of Semtech in a report on Monday, October 7th. Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Stifel Nicolaus raised their target price on Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of Semtech in a report on Wednesday, August 28th. Finally, B. Riley increased their price objective on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.60.

Semtech Stock Performance

The stock has a 50 day moving average price of $44.72 and a two-hundred day moving average price of $38.53.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $215.40 million for the quarter, compared to analyst estimates of $212.30 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) earnings per share. As a group, equities research analysts anticipate that Semtech Co. will post -0.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Semtech

A number of large investors have recently bought and sold shares of the business. Disciplined Growth Investors Inc. MN raised its holdings in Semtech by 343.3% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock valued at $74,550,000 after buying an additional 1,932,116 shares in the last quarter. Driehaus Capital Management LLC bought a new position in shares of Semtech in the 2nd quarter valued at approximately $43,395,000. Millennium Management LLC lifted its holdings in Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after purchasing an additional 765,877 shares during the last quarter. Whale Rock Capital Management LLC bought a new stake in Semtech during the third quarter worth approximately $32,126,000. Finally, Clearline Capital LP grew its holdings in Semtech by 143.1% during the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock valued at $26,863,000 after purchasing an additional 529,194 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.