Mark Lin Sells 6,114 Shares of Semtech Co. (NASDAQ:SMTC) Stock

On December 17th, Mark Lin, the Chief Financial Officer of Semtech Co. (NASDAQ:SMTC - Get Free Report), completed the sale of 6,114 shares of company stock. The shares were sold at an average price of $65.74, resulting in a total transaction amount of $401,934.36. After this sale, Lin now holds 3,531 shares of Semtech, which are valued at approximately $232,127.94. This sale marks a significant decrease of 63.39% in his ownership of the stock. The details of the transaction were made available in a filing with the Securities and Exchange Commission (SEC).

Semtech Stock Performance

On the trading day following the transaction, Semtech's shares experienced an increase of $0.66, bringing the stock price to $63.58. The trading volume reached 1,525,039 shares, which is lower than the average volume of 1,873,215 shares. Semtech's stock has shown notable movements, with a fifty-day moving average price of $52.88 and a 200-day moving average price of $41.96. Over the past year, the stock has seen a low of $18.16 and a high of $70.27, with a current market cap of $4.81 billion. It currently has a PE ratio of -4.87 and a beta of 1.65.

Recent Earnings Results

Semtech recently released its earnings results on November 25th. The company reported an earnings per share (EPS) of $0.26 for the quarter, surpassing analysts' expectations of $0.23 by $0.03. However, it reported a negative net margin of 99.08% and a negative return on equity of 154.99%. The company's revenue reached $236.80 million for the quarter, exceeding the projected revenue of $232.89 million. Compared to the same period last year, Semtech's quarterly revenue increased by 17.9%. Currently, sell-side analysts are predicting that Semtech Co. will post -0.01 earnings per share for the current year.

Analysts' Price Targets

Several analysts have updated their price targets for Semtech recently. Needham & Company LLC raised their target to $74.00 and assigned a "buy" rating in a report on December 12th. Similarly, Susquehanna increased their target to $60.00 on November 21st, providing a "positive" rating. Northland Securities also boosted their price target from $60.00 to $66.00 and rated the stock as "outperform". In contrast, Summit Insights downgraded Semtech from a "buy" to a "hold" rating on August 28th. Finally, on November 26th, Piper Sandler reiterated an "overweight" rating with a target price of $75.00, up from $60.00. In total, three analysts have given the stock a hold rating, while ten analysts have assigned it a buy rating. The stock currently has an average rating of "Moderate Buy" and an average price target of $68.70.

Institutional Investor Activity

Recently, several institutional investors and hedge funds have adjusted their stakes in Semtech. Huntington National Bank significantly increased its holdings by 105.2% in the third quarter. They now own 589 shares valued at $27,000 after acquiring an additional 302 shares during this period. NBC Securities Inc. also raised their stake by 115.8%, now holding 1,377 shares worth $62,000. Additionally, Ridgewood Investments LLC purchased a new stake in Semtech worth about $44,000 during the second quarter. International Assets Investment Management LLC raised its holdings dramatically by 4,464.9%, now owning 1,689 shares valued at $77,000. Lastly, Canada Pension Plan Investment Board bought a new position in the company valued at approximately $60,000.

About Semtech Corporation

Semtech Corporation is involved in designing, developing, manufacturing, and marketing analog and mixed-signal semiconductor products as well as advanced algorithms. Their offerings include signal integrity products and integrated circuits for various applications including data centers and enterprise networks, along with video products used in professional audio video applications.

Semtech, CFO, shares