Insider Selling: Semtech Co. (NASDAQ:SMTC) CFO Sells $401,934.36 in Stock

Semtech Co. (NASDAQ:SMTC) CFO Mark Lin sold 6,114 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total value of $401,934.36. Following the sale, the chief financial officer now owns 3,531 shares in the company, valued at $232,127.94. The trade was a 63.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Semtech Stock Performance

Shares of SMTC opened at $63.55 on Friday. The firm has a market cap of $4.81 billion, a P/E ratio of -4.87 and a beta of 1.65. Semtech Co. has a 52 week low of $18.16 and a 52 week high of $70.27. The firm’s 50-day simple moving average is $53.69 and its 200 day simple moving average is $42.28.

Semtech (NASDAQ:SMTC) last posted its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.02 earnings per share. As a group, equities analysts forecast that Semtech Co. will post -0.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. B. Riley boosted their price target on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Craig Hallum increased their price target on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Susquehanna boosted their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 target price (up from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $68.70.

Institutional Investors Weigh In On Semtech

A number of hedge funds and other institutional investors have recently modified their holdings of SMTC. Huntington National Bank increased its position in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 302 shares during the period. Ridgewood Investments LLC acquired a new position in shares of Semtech during the 2nd quarter worth approximately $44,000. Canada Pension Plan Investment Board bought a new position in shares of Semtech during the second quarter worth approximately $60,000. NBC Securities Inc. raised its position in shares of Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 739 shares in the last quarter. Finally, Quarry LP bought a new stake in shares of Semtech in the second quarter valued at approximately $63,000.

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.