Insider Selling: Morgenthaler Partners Vi Sells 160,000 Shares of Peregrine Semiconductor Corp. Stock (PSMI)
Peregrine Semiconductor Corp. (NASDAQ:PSMI) major shareholder Morgenthaler Partners Vi sold 160,000 shares of the company’s stock on the open market in a transaction dated Monday, September 23rd. The stock was sold at an average price of $9.73, for a total transaction of $1,556,800.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
A number of analysts have recently weighed in on PSMI shares. Analysts at Jefferies Group downgraded shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) from a “buy” rating to a “hold” rating in a research note to investors on Monday. They now have a $10.00 price target on the stock, down previously from $13.00. Separately, analysts at Canaccord Genuity downgraded shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) from a “buy” rating to a “hold” rating in a research note to investors on Monday. They now have a $10.00 price target on the stock, down previously from $13.00. Finally, analysts at RBC Capital downgraded shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) from an “outperform” rating to a “sector perform” rating in a research note to investors on Friday.
One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $12.60.
Shares of Peregrine Semiconductor Corp. (NASDAQ:PSMI) traded down 4.13% during mid-day trading on Monday, hitting $9.28. 1,377,895 shares of the company’s stock traded hands. Peregrine Semiconductor Corp. has a 52-week low of $8.25 and a 52-week high of $19.23. The stock has a 50-day moving average of $11.0 and a 200-day moving average of $10.45. The company has a market cap of $299.8 million and a P/E ratio of 76.83.
Peregrine Semiconductor Corp. (NASDAQ:PSMI) last posted its quarterly earnings results on Monday, July 29th. The company reported $0.03 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.04) by $0.07. The company had revenue of $52.37 million for the quarter, compared to the consensus estimate of $49.18 million. During the same quarter in the prior year, the company posted $0.03 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. Analysts expect that Peregrine Semiconductor Corp. will post $0.30 EPS for the current fiscal year.
Peregrine Semiconductor Corporation (NASDAQ:PSMI) is engaged in the design, manufacturing and marketing radio frequency integrated circuits (RFICs) for the aerospace and defense, broadband, industrial, mobile wireless device, test and measurement equipment, and wireless infrastructure markets.
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