Semtech (NASDAQ:SMTC) Hits New 52-Week Low – Should You Sell?

Semtech Co. (NASDAQ:SMTC) shares hit a new 52-week low during trading on Monday . The company traded as low as $24.33 and last traded at $24.40, with a volume of 430914 shares traded. The stock had previously closed at $26.24.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SMTC. Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of Semtech in a research note on Friday, March 14th. Robert W. Baird cut their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Craig Hallum reduced their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. Morgan Stanley assumed coverage on shares of Semtech in a research note on Monday, April 7th. They issued an “equal weight” rating and a $30.00 price target on the stock. Finally, UBS Group reduced their price objective on shares of Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.33.

Semtech Stock Performance

The firm has a market cap of $2.10 billion, a P/E ratio of -1.86, a P/E/G ratio of 2.12 and a beta of 1.85. The business’s 50-day simple moving average is $34.19 and its 200 day simple moving average is $49.24.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. During the same period in the previous year, the firm earned ($0.06) EPS. The business’s revenue was up 30.1% on a year-over-year basis. As a group, equities research analysts expect that Semtech Co. will post -0.02 EPS for the current year.

Insider Activity

In related news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 16,787 shares of company stock valued at $665,044 in the last quarter. 0.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Stifel Financial Corp bought a new position in Semtech in the 3rd quarter worth $237,000. Principal Financial Group Inc. raised its stake in shares of Semtech by 10.5% in the third quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company’s stock worth $16,187,000 after buying an additional 33,606 shares during the period. GAMMA Investing LLC lifted its position in shares of Semtech by 15.3% during the 4th quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock valued at $196,000 after buying an additional 421 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Semtech by 117.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 92,395 shares of the semiconductor company’s stock valued at $5,715,000 after acquiring an additional 49,835 shares during the period. Finally, Moody National Bank Trust Division increased its holdings in Semtech by 148.6% in the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after acquiring an additional 12,296 shares in 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.