Semtech Corporation (NASDAQ:SMTC) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 922,938 shares, a decline of 30.6% from the August 15th total of 1,329,172 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average daily volume of 636,786 shares, the short-interest ratio is presently 1.4 days.

A number of equities research analysts have recently commented on the stock. Drexel Hamilton reissued a “buy” rating and issued a $45.00 price objective on shares of Semtech Corporation in a report on Thursday, August 31st. B. Riley reaffirmed a “buy” rating and set a $48.00 target price on shares of Semtech Corporation in a research note on Thursday, June 1st. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $42.00 target price on shares of Semtech Corporation in a research note on Sunday, August 27th. Robert W. Baird reaffirmed an “outperform” rating and set a $45.00 target price on shares of Semtech Corporation in a research note on Thursday, June 1st. Finally, Zacks Investment Research lowered shares of Semtech Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $43.50.

In other news, insider Mohan Maheswaran sold 2,500 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $35.64, for a total value of $89,100.00. Following the sale, the insider now directly owns 220,372 shares of the company’s stock, valued at approximately $7,854,058.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Emeka Chukwu sold 800 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $35.49, for a total transaction of $28,392.00. Following the completion of the sale, the chief financial officer now directly owns 76,576 shares in the company, valued at $2,717,682.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,873 shares of company stock worth $2,278,082. 2.10% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Semtech Corporation by 2.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,364 shares of the semiconductor company’s stock worth $120,000 after purchasing an additional 65 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Semtech Corporation by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 26,800 shares of the semiconductor company’s stock worth $958,000 after purchasing an additional 100 shares in the last quarter. Virginia Retirement Systems ET AL grew its stake in shares of Semtech Corporation by 1.0% in the second quarter. Virginia Retirement Systems ET AL now owns 9,800 shares of the semiconductor company’s stock worth $350,000 after purchasing an additional 100 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Semtech Corporation by 2.4% in the second quarter. Nisa Investment Advisors LLC now owns 6,370 shares of the semiconductor company’s stock worth $228,000 after purchasing an additional 150 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Semtech Corporation by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 49,844 shares of the semiconductor company’s stock worth $1,781,000 after purchasing an additional 186 shares in the last quarter. 94.43% of the stock is currently owned by hedge funds and other institutional investors.

Semtech Corporation (NASDAQ:SMTC) opened at 35.75 on Friday. The company has a 50-day moving average of $37.44 and a 200-day moving average of $35.80. 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 $2.37 billion, a price-to-earnings ratio of 37.79 and a beta of 1.45.

Semtech Corporation (NASDAQ:SMTC) last issued its earnings results on Wednesday, August 30th. The semiconductor company reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Semtech Corporation had a return on equity of 11.77% and a net margin of 11.00%. The firm had revenue of $153.10 million for the quarter, compared to analyst estimates of $154.91 million. During the same period last year, the company earned $0.35 earnings per share. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. Equities research analysts expect that Semtech Corporation will post $1.89 EPS for the current year.

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Semtech Corporation Company Profile

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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