Semtech Corporation (NASDAQ:SMTC) was the target of a large growth in short interest during the month of July. As of July 14th, there was short interest totalling 1,323,029 shares, a growth of 34.7% from the June 30th total of 981,905 shares. Based on an average trading volume of 457,134 shares, the days-to-cover ratio is presently 2.9 days. Approximately 2.0% of the shares of the company are short sold.
In related news, insider Gary Beauchamp sold 30,899 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $35.52, for a total transaction of $1,097,532.48. Following the completion of the sale, the insider now directly owns 30,899 shares in the company, valued at approximately $1,097,532.48. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Emeka Chukwu sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $39.89, for a total value of $79,780.00. Following the sale, the chief financial officer now owns 77,776 shares of the company’s stock, valued at $3,102,484.64. The disclosure for this sale can be found here. Insiders have sold a total of 91,400 shares of company stock worth $3,327,434 over the last three months. 2.10% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the company. Old Mutual Global Investors UK Ltd. increased its stake in Semtech Corporation by 725.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 197,270 shares of the semiconductor company’s stock valued at $6,667,000 after buying an additional 173,385 shares during the last quarter. Russell Investments Group Ltd. increased its position in Semtech Corporation by 113.4% in the first quarter. Russell Investments Group Ltd. now owns 36,728 shares of the semiconductor company’s stock worth $1,242,000 after buying an additional 19,521 shares in the last quarter. Fisher Asset Management LLC increased its position in Semtech Corporation by 72.0% in the first quarter. Fisher Asset Management LLC now owns 79,972 shares of the semiconductor company’s stock worth $2,703,000 after buying an additional 33,479 shares in the last quarter. Nationwide Fund Advisors increased its position in Semtech Corporation by 6.2% in the first quarter. Nationwide Fund Advisors now owns 142,408 shares of the semiconductor company’s stock worth $4,813,000 after buying an additional 8,288 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Semtech Corporation by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 7,280 shares of the semiconductor company’s stock worth $246,000 after buying an additional 180 shares in the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.
SMTC has been the subject of several recent research reports. Zacks Investment Research cut Semtech Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, May 3rd. Robert W. Baird assumed coverage on Semtech Corporation in a report on Tuesday, May 9th. They issued an “outperform” rating and a $45.00 price target on the stock. Drexel Hamilton raised their target price on Semtech Corporation from $42.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, June 1st. Royal Bank Of Canada restated a “hold” rating and issued a $39.00 target price on shares of Semtech Corporation in a report on Thursday, July 6th. Finally, BidaskClub lowered Semtech Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $43.50.
Semtech Corporation (NASDAQ:SMTC) opened at 35.80 on Friday. The stock has a 50 day moving average price of $37.93 and a 200 day moving average price of $35.45. Semtech Corporation has a 12 month low of $22.81 and a 12 month high of $41.15. The stock has a market capitalization of $2.35 billion, a PE ratio of 39.87 and a beta of 1.44.
Semtech Corporation (NASDAQ:SMTC) last posted its quarterly earnings data on Wednesday, May 31st. The semiconductor company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Semtech Corporation had a net margin of 10.70% and a return on equity of 12.16%. The business had revenue of $149.10 million during the quarter, compared to the consensus estimate of $145.60 million. During the same period in the previous year, the firm posted $0.30 earnings per share. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities research analysts forecast that Semtech Corporation will post $1.85 earnings per share for the current fiscal year.
About Semtech Corporation
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.
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