Semtech Co. (NASDAQ:SMTC) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 1,137,186 shares, a drop of 23.5% from the February 28th total of 1,485,642 shares. Based on an average daily trading volume, of 857,456 shares, the short-interest ratio is presently 1.3 days. Currently, 1.7% of the company’s stock are sold short.
A number of research analysts have weighed in on the stock. BidaskClub lowered shares of Semtech from a “sell” rating to a “strong sell” rating in a research note on Saturday, February 24th. ValuEngine raised shares of Semtech from a “hold” rating to a “buy” rating in a research note on Tuesday, March 20th. Summit Insights raised shares of Semtech from a “hold” rating to a “buy” rating in a research report on Thursday, March 15th. Needham & Company LLC initiated coverage on shares of Semtech in a research report on Monday, December 11th. They set a “buy” rating and a $42.00 price target on the stock. Finally, Roth Capital initiated coverage on shares of Semtech in a research report on Friday, January 5th. They set a “buy” rating and a $39.00 price target on the stock. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $43.44.
NASDAQ:SMTC opened at $39.05 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.09 and a current ratio of 3.65. Semtech has a fifty-two week low of $31.30 and a fifty-two week high of $41.95. The stock has a market cap of $2,597.65, a P/E ratio of 27.89, a PEG ratio of 6.79 and a beta of 1.41.
In other Semtech news, insider Mohan Maheswaran sold 22,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $32.63, for a total value of $717,860.00. Following the transaction, the insider now directly owns 196,872 shares of the company’s stock, valued at $6,423,933.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Simon A. Brown sold 2,000 shares of the firm’s stock in a transaction on Monday, March 19th. The shares were sold at an average price of $39.36, for a total transaction of $78,720.00. Following the completion of the transaction, the vice president now directly owns 16,142 shares in the company, valued at $635,349.12. The disclosure for this sale can be found here. Insiders sold 150,313 shares of company stock worth $5,459,073 over the last ninety days. Insiders own 2.10% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new stake in Semtech during the third quarter worth about $133,000. Stifel Financial Corp purchased a new stake in Semtech during the third quarter worth about $209,000. Xact Kapitalforvaltning AB purchased a new stake in Semtech during the fourth quarter worth about $215,000. Elkfork Partners LLC purchased a new stake in Semtech during the fourth quarter worth about $215,000. Finally, Suntrust Banks Inc. purchased a new stake in Semtech during the fourth quarter worth about $237,000. 97.73% of the stock is currently owned by institutional investors.
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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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