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

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on SMTC. Robert W. Baird lowered their price target on Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Morgan Stanley assumed coverage on shares of Semtech in a research note on Monday, April 7th. They set an "equal weight" rating and a $30.00 price target on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 price objective on shares of Semtech in a report on Friday, March 14th. Finally, Benchmark lowered their price objective on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.33.

Semtech Price Performance

The stock has a market capitalization of $2.60 billion, a P/E ratio of -2.30, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85. The firm has a 50 day moving average of $33.20 and a 200-day moving average of $48.67.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.08. The firm had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The business's revenue for the quarter was up 30.1% compared to the same quarter last year. As a group, equities analysts expect that Semtech Co. will post -0.02 earnings per share for the current year.

Insider Transactions at Semtech

In other Semtech news, CFO Mark Lin sold 10,890 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total value of $377,665.20. Following the sale, the chief financial officer now directly owns 11,625 shares in the company, valued at $403,155. This represents a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 16,787 shares of company stock valued at $665,044. Company insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SMTC. KBC Group NV grew its holdings in shares of Semtech by 16.8% in the 1st quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock worth $140,000 after purchasing an additional 586 shares during the last quarter. Archford Capital Strategies LLC acquired a new position in Semtech in the first quarter valued at about $1,061,000. Assenagon Asset Management S.A. grew its stake in Semtech by 1,205.5% during the first quarter. Assenagon Asset Management S.A. now owns 471,966 shares of the semiconductor company's stock worth $16,236,000 after buying an additional 435,814 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Semtech by 19.8% during the first quarter. Handelsbanken Fonder AB now owns 25,988 shares of the semiconductor company's stock worth $894,000 after buying an additional 4,300 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Semtech by 188.8% in the first quarter. Harbor Capital Advisors Inc. now owns 266,836 shares of the semiconductor company's stock valued at $9,179,000 after acquiring an additional 174,441 shares during the last quarter.

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.