Insider Selling: Semtech Corp. CEO Sells 2,000 Shares of Stock (SMTC)
Semtech Corp. (NASDAQ:SMTC) CEO Mohan Maheswaran sold 2,000 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $21.73, for a total transaction of $43,460.00. Following the sale, the chief executive officer now directly owns 131,662 shares in the company, valued at approximately $2,861,015. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on SMTC. Analysts at Zacks upgraded shares of Semtech Corp. from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, January 14th. They now have a $24.20 price target on the stock. Separately, analysts at MKM Partners cut their price target on shares of Semtech Corp. from $38.00 to $33.00 in a research note to investors on Thursday, December 19th. They now have a “buy” rating on the stock. Finally, analysts at Williams Financial Group downgraded shares of Semtech Corp. from a “buy” rating to a “hold” rating in a research note to investors on Thursday, December 19th. They now have a $27.00 price target on the stock, down previously from $32.00. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $32.91.
Shares of Semtech Corp. (NASDAQ:SMTC) traded down 1.68% during mid-day trading on Wednesday, hitting $21.62. The stock had a trading volume of 1,123,903 shares. Semtech Corp. has a one year low of $21.56 and a one year high of $37.45. The stock’s 50-day moving average is $24.0 and its 200-day moving average is $28.95. The company has a market cap of $1.484 billion and a P/E ratio of 25.57.
Semtech Corp. (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.35 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.34 by $0.01. The company had revenue of $141.02 million for the quarter, compared to the consensus estimate of $145.05 million. During the same quarter in the prior year, the company posted $0.53 earnings per share. The company’s quarterly revenue was down 12.3% on a year-over-year basis. On average, analysts predict that Semtech Corp. will post $1.56 earnings per share for the current fiscal year.
Semtech Corporation (NASDAQ:SMTC) is a supplier of analog and mixed-signal semiconductor products.
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