Imran Sherazi Sells 2,946 Shares of Semtech Co. (NASDAQ:SMTC) Stock

Semtech Co. (NASDAQ:SMTC) SVP Imran Sherazi sold 2,946 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares of the company’s stock, valued at $399,866.10. This represents a 31.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Semtech Stock Up 2.6 %

NASDAQ:SMTC opened at $64.49 on Wednesday. Semtech Co. has a twelve month low of $18.16 and a twelve month high of $70.27. The company has a fifty day moving average of $54.45 and a 200-day moving average of $42.75. The firm has a market capitalization of $4.88 billion, a P/E ratio of -4.94 and a beta of 1.65.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. B. Riley lifted their target price on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Stifel Nicolaus boosted their price objective on shares of Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price (up from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Needham & Company LLC increased their price target on Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Northland Securities upped their target price on Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and a consensus target price of $68.70.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SMTC. Mutual of America Capital Management LLC grew its stake in Semtech by 6.3% in the third quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock valued at $515,000 after acquiring an additional 673 shares during the period. Intech Investment Management LLC grew its position in Semtech by 128.3% in the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock valued at $1,394,000 after purchasing an additional 17,150 shares during the period. Natixis Advisors LLC increased its stake in Semtech by 100.2% during the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock valued at $1,626,000 after purchasing an additional 17,823 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Semtech by 135.9% during the third quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock worth $1,943,000 after buying an additional 24,517 shares during the last quarter. Finally, Fred Alger Management LLC bought a new position in shares of Semtech in the second quarter valued at $14,307,000.

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.