Semtech (NASDAQ:SMTC) Shares Down 5.9%

Semtech Co. (NASDAQ:SMTC) shares traded down 5.9% during mid-day trading on Thursday . The company traded as low as $30.00 and last traded at $30.20. 2,045,119 shares were traded during mid-day trading, an increase of 6% from the average session volume of 1,938,106 shares. The stock had previously closed at $32.11.

Wall Street Analyst Weigh In

A number of analysts have commented on SMTC shares. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Semtech in a report on Monday, July 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 target price (up from $40.00) on shares of Semtech in a report on Wednesday, May 29th. StockNews.com raised Semtech from a “sell” rating to a “hold” rating in a report on Thursday, June 6th. B. Riley upped their price target on Semtech from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Semtech in a research report on Monday, April 1st. Two research 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.90.

Semtech Price Performance

The firm has a 50-day moving average of $34.35 and a 200-day moving average of $29.13. The stock has a market cap of $1.87 billion, a PE ratio of -1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 4.11, a current ratio of 2.40 and a quick ratio of 1.74.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Wednesday, June 5th. The semiconductor company reported ($0.17) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.17). The business had revenue of $206.11 million during the quarter, compared to analyst estimates of $200.16 million. Semtech had a negative net margin of 129.52% and a negative return on equity of 154.99%. Research analysts predict that Semtech Co. will post -0.03 EPS for the current year.

Institutional Trading of Semtech

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Semtech by 1.6% in the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after purchasing an additional 131,133 shares during the last quarter. Kodai Capital Management LP increased its stake in Semtech by 2.7% in the 1st quarter. Kodai Capital Management LP now owns 2,039,837 shares of the semiconductor company’s stock worth $56,075,000 after acquiring an additional 54,267 shares during the last quarter. Contour Asset Management LLC increased its stake in Semtech by 2.6% in the 4th quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock worth $32,072,000 after acquiring an additional 36,838 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Semtech by 81.1% during the 4th quarter. Victory Capital Management Inc. now owns 1,369,043 shares of the semiconductor company’s stock worth $29,996,000 after acquiring an additional 613,274 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Semtech by 19.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,217,670 shares of the semiconductor company’s stock valued at $26,679,000 after acquiring an additional 197,595 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.