Semtech Corporation (NASDAQ:SMTC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

According to Zacks, “Semtech is a provider of analog and mixed-signal semiconductor products.  The company reported mixed fiscal second-quarter 2018 results with earnings beating the Zacks Consensus Estimate but revenues missing the same. Improved profitability was driven by differentiated growth drivers and diversification strategy. Key growth drivers for Semtech are product differentiation, operational flexibility and a specific focus on fast-growing segments and regions. However, concerns about the company’s exposure to seasonality, a competitive market and foreign exchange risk persist. In the last one year, the stock has outperformed the industry it belongs to.”

SMTC has been the subject of a number of other reports. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $42.00 price target on shares of Semtech Corporation in a research report on Sunday, August 27th. Robert W. Baird started coverage on shares of Semtech Corporation in a research report on Tuesday, May 9th. They set an “outperform” rating and a $45.00 price target for the company. Drexel Hamilton lifted their price target on shares of Semtech Corporation from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 1st. Royal Bank Of Canada reiterated a “hold” rating and set a $39.00 price target on shares of Semtech Corporation in a research report on Thursday, July 6th. Finally, B. Riley reiterated a “buy” rating and set a $48.00 price target on shares of Semtech Corporation in a research report on Tuesday, August 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $43.50.

Shares of Semtech Corporation (NASDAQ:SMTC) traded down 0.83% during trading on Wednesday, reaching $35.90. 456,398 shares of the company traded hands. The firm has a 50 day moving average of $38.06 and a 200 day moving average of $35.77. Semtech Corporation has a 52 week low of $22.81 and a 52 week high of $41.15. The stock has a market capitalization of $2.36 billion, a PE ratio of 39.98 and a beta of 1.45.

Semtech Corporation (NASDAQ:SMTC) last announced its quarterly earnings results on Wednesday, August 30th. The semiconductor company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.02. Semtech Corporation had a net margin of 11.00% and a return on equity of 11.77%. The business had revenue of $153.10 million during the quarter, compared to analysts’ expectations of $154.91 million. During the same period last year, the business earned $0.35 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, equities analysts predict that Semtech Corporation will post $1.89 EPS for the current year.

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In other news, VP Mark C. Costello sold 3,750 shares of the firm’s stock in a transaction that occurred on Thursday, July 13th. The shares were sold at an average price of $37.48, for a total value of $140,550.00. Following the completion of the transaction, the vice president now owns 3,750 shares of the company’s stock, valued at $140,550. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mohan Maheswaran sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $36.45, for a total transaction of $54,675.00. Following the completion of the transaction, the insider now directly owns 195,311 shares of the company’s stock, valued at approximately $7,119,085.95. The disclosure for this sale can be found here. In the last three months, insiders sold 60,873 shares of company stock valued at $2,243,657. Insiders own 2.10% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its stake in Semtech Corporation by 34.1% in the first quarter. Advisors Asset Management Inc. now owns 3,002 shares of the semiconductor company’s stock worth $101,000 after acquiring an additional 764 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Semtech Corporation by 74.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,299 shares of the semiconductor company’s stock worth $112,000 after acquiring an additional 1,405 shares during the last quarter. Strs Ohio lifted its stake in Semtech Corporation by 22.2% in the second quarter. Strs Ohio now owns 3,300 shares of the semiconductor company’s stock worth $117,000 after acquiring an additional 600 shares during the last quarter. FNY Partners Fund LP lifted its stake in Semtech Corporation by 515.4% in the first quarter. FNY Partners Fund LP now owns 4,000 shares of the semiconductor company’s stock worth $135,000 after acquiring an additional 3,350 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Semtech Corporation in the first quarter worth approximately $137,000. Institutional investors own 95.09% of the company’s stock.

About Semtech Corporation

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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