Insider Selling: Semtech (NASDAQ:SMTC) CFO Sells 971 Shares of Stock

Key Points

• Semtech CFO Mark Lin sold 971 shares of the company's stock at an average price of $72.83, resulting in a 5.16% decrease in his ownership.
• The company’s stock traded down by 1.3%, reaching $72.00 during mid-day trading, with a market capitalization of $6.25 billion.
• Analysts have generally issued positive ratings for Semtech, with an average rating of "Moderate Buy" and a consensus target price of $65.36.

Semtech Corporation (NASDAQ:SMTC - Get Free Report) CFO Mark Lin sold 971 shares of the stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $72.83, for a total value of $70,717.93. Following the completion of the sale, the chief financial officer owned 17,844 shares in the company, valued at approximately $1,299,578.52. The trade was a 5.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Semtech Stock Down 1.3%

Shares of SMTC traded down $0.93 during mid-day trading on Friday, hitting $72.00. The company's stock had a trading volume of 1,434,653 shares, compared to its average volume of 2,327,255. Semtech Corporation has a 52-week low of $24.05 and a 52-week high of $79.52. The company's 50-day moving average is $57.10 and its 200-day moving average is $44.65. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of 300.00 and a beta of 2.01. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently bought and sold shares of SMTC. GAMMA Investing LLC grew its position in Semtech by 7.8% in the third quarter. GAMMA Investing LLC now owns 4,103 shares of the semiconductor company's stock worth $293,000 after acquiring an additional 296 shares during the period. Praxis Investment Management Inc. acquired a new position in Semtech in the third quarter valued at about $284,000. Corient Private Wealth LLC purchased a new position in Semtech during the second quarter worth about $229,000. Texas Permanent School Fund Corp purchased a new stake in shares of Semtech in the 2nd quarter valued at approximately $3,889,000. Finally, Marex Group plc acquired a new position in shares of Semtech in the 2nd quarter worth approximately $203,000.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SMTC shares. Piper Sandler upped their price target on Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Northland Securities lifted their target price on shares of Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. Oppenheimer raised Semtech from a "market perform" rating to an "outperform" rating and set a $81.00 price objective on the stock in a report on Tuesday. Benchmark lifted their price objective on Semtech from $68.00 to $76.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. Finally, Cowen began coverage on Semtech in a research note on Tuesday. They issued a "buy" rating on the stock. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Semtech presently has an average rating of "Moderate Buy" and a consensus target price of $65.36.

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.

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