Semtech (NASDAQ:SMTC) Stock Price Up 7.3% - Here's What Happened

Semtech Co. (NASDAQ:SMTC - Get Free Report)'s share price shot up 7.3% during trading on Monday . The company traded as high as $40.19 and last traded at $40.63. 427,435 shares traded hands during trading, a decline of 80% from the average session volume of 2,119,632 shares. The stock had previously closed at $37.85.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SMTC shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price target on shares of Semtech in a research report on Wednesday, May 28th. Stifel Nicolaus increased their price target on Semtech from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. UBS Group reduced their price target on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Morgan Stanley set a $43.00 price target on Semtech in a research report on Wednesday, May 28th. Finally, Benchmark reaffirmed a "buy" rating and issued a $68.00 price target on shares of Semtech in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Semtech has an average rating of "Moderate Buy" and a consensus price target of $58.58.

Semtech Price Performance

The firm has a 50 day moving average of $33.97 and a two-hundred day moving average of $46.44. The stock has a market cap of $3.63 billion, a PE ratio of -3.21, a PEG ratio of 2.12 and a beta of 1.88.

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

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 2,907 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the sale, the chief financial officer now owns 13,481 shares in the company, valued at approximately $508,368.51. The trade was a 17.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in shares of Semtech by 15.8% in the fourth quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock valued at $25,396,000 after purchasing an additional 56,108 shares during the period. Rhumbline Advisers increased its holdings in shares of Semtech by 6.1% in the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock valued at $12,702,000 after purchasing an additional 11,878 shares during the period. Convergence Investment Partners LLC acquired a new position in shares of Semtech in the fourth quarter valued at approximately $2,680,000. Stephens Inc. AR acquired a new position in shares of Semtech in the fourth quarter valued at approximately $889,000. Finally, Essential Planning LLC. acquired a new position in shares of Semtech in the fourth quarter valued at approximately $1,069,000.

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.