Semtech (NASDAQ:SMTC) Stock Price Down 10.1% After Insider Selling

Semtech Co. (NASDAQ:SMTC) shares dropped 10.1% on Thursday following insider selling activity. The company traded as low as $33.18 and last traded at $33.10. Approximately 1,130,982 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 2,720,839 shares. The stock had previously closed at $36.84.

Specifically, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the transaction, the chief financial officer now owns 11,625 shares of the company’s stock, valued at $403,155. The trade was a 48.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

SMTC has been the subject of a number of research analyst reports. Robert W. Baird cut their target price on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Craig Hallum upped their price objective on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Northland Securities upped their price objective on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Stifel Nicolaus cut their price objective on shares of Semtech from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, February 10th. Finally, Roth Mkm upped their price objective on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Price Performance

The firm has a market cap of $2.54 billion, a P/E ratio of -2.57, a PEG ratio of 2.12 and a beta of 1.69. The stock’s 50 day moving average is $55.20 and its two-hundred day moving average is $51.24.

Institutional Trading of Semtech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank increased its stake in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the period. Hollencrest Capital Management bought a new stake in Semtech during the fourth quarter worth about $31,000. Dunhill Financial LLC acquired a new position in Semtech in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC raised its holdings in Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 505 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Semtech in the fourth quarter worth $52,000.

Semtech Company Profile

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.