What’s in Semtech Corporation (SMTC) After Forming Double Top Pattern?

October 2, 2018 - By Michael Collier

Semtech Corporation (NASDAQ:SMTC) Logo

Investors sentiment decreased to 1.14 in 2018 Q2. Its down 0.07, from 1.21 in 2018Q1. It dropped, as 21 investors sold Semtech Corporation shares while 62 reduced holdings. 34 funds opened positions while 61 raised stakes. 63.32 million shares or 0.69% more from 62.89 million shares in 2018Q1 were reported.
42,934 are held by Pub Sector Pension Invest Board. Aqr Cap Limited Liability Company has invested 0% in Semtech Corporation (NASDAQ:SMTC). First Mercantile reported 27,534 shares stake. Columbus Circle Invsts invested in 526,900 shares. Sheets Smith Wealth Mgmt reported 7,809 shares. Castleark Management invested 0.41% in Semtech Corporation (NASDAQ:SMTC). Ny State Common Retirement Fund owns 334,582 shares. Metropolitan Life Communication New York has 0% invested in Semtech Corporation (NASDAQ:SMTC) for 20,499 shares. Herald Inv reported 0.09% of its portfolio in Semtech Corporation (NASDAQ:SMTC). Cornerstone Advisors, a Washington-based fund reported 16 shares. Employees Retirement System Of Texas, Texas-based fund reported 59,000 shares. Fmr Ltd Co, a Massachusetts-based fund reported 3.69M shares. Amer Century Companies invested in 223,208 shares. Barclays Public Llc holds 32,739 shares or 0% of its portfolio. Teacher Retirement Sys Of Texas has 0% invested in Semtech Corporation (NASDAQ:SMTC) for 13,460 shares.

Since April 2, 2018, it had 0 insider purchases, and 33 sales for $17.62 million activity. On Tuesday, June 5 Costello Mark C sold $171,491 worth of Semtech Corporation (NASDAQ:SMTC) or 3,441 shares. $517,020 worth of Semtech Corporation (NASDAQ:SMTC) was sold by KIM JAMES JUNGSUP on Tuesday, September 18. 1,678 shares were sold by LINDSTROM JAMES T, worth $97,506. CHUKWU EMEKA had sold 13,000 shares worth $651,663. Another trade for 2,000 shares valued at $118,400 was sold by Silberstein Asaf. On Friday, June 29 the insider Beauchamp Gary sold $1.13 million.

The chart of Semtech Corporation (SMTC) shows a double top with $58.53 target or 7.00 % above today’s $54.70 share price. The 7 months chart pattern indicates low risk for the $3.62B company. It was reported on Oct, 2 by Finviz.com. If the $58.53 price target is reached, the company will be worth $253.54M more. Double tops are rare but powerful chart patterns.

The stock decreased 1.62% or $0.9 during the last trading session, reaching $54.7. About 417,624 shares traded. Semtech Corporation (NASDAQ:SMTC) has risen 64.39% since October 2, 2017 and is uptrending. It has outperformed by 48.77% the S&P500.

Semtech Corporation (NASDAQ:SMTC) Ratings Coverage

Among 10 analysts covering Semtech (NASDAQ:SMTC), 9 have Buy rating, 0 Sell and 1 Hold. Therefore 90% are positive. Semtech had 16 analyst reports since April 4, 2018 according to SRatingsIntel. The stock has “Buy” rating by Roth Capital on Thursday, May 31. The stock of Semtech Corporation (NASDAQ:SMTC) has “Buy” rating given on Thursday, June 21 by FBR Capital. The firm has “Buy” rating by FBR Capital given on Thursday, May 31. The firm has “Buy” rating given on Thursday, May 31 by Drexel Hamilton. The rating was maintained by Piper Jaffray on Thursday, April 12 with “Buy”. Needham maintained it with “Buy” rating and $5500 target in Thursday, June 21 report. The stock of Semtech Corporation (NASDAQ:SMTC) has “Buy” rating given on Thursday, May 31 by Needham. As per Monday, May 21, the company rating was maintained by FBR Capital. The firm earned “Outperform” rating on Thursday, June 21 by Oppenheimer. The rating was upgraded by PiperJaffray on Wednesday, April 4 to “Overweight”.

More news for Semtech Corporation (NASDAQ:SMTC) were recently published by: Nasdaq.com, which released: “Imprint Energy gains new investments to advance ultrathin flexible batteries” on September 18, 2018. Seekingalpha.com‘s article titled: “Semtech Outperforming As The Pieces Come Together” and published on September 11, 2018 is yet another important article.

Semtech Corporation designs, develops, makes, and markets analog and mixed-signal semiconductor products. The company has market cap of $3.62 billion. The firm provides signal integrity products, including a portfolio of optical communications, broadcast video, and backplane products used in various enterprise computing, industrial, communications, and high-end consumer applications; and a portfolio of integrated circuits for optical transceivers, backplane, and high-speed interface applications. It has a 74.73 P/E ratio. It also offers protection products, such as filter and termination devices that are integrated with the transient voltage suppressor devices, which protect electronic systems from voltage spikes; and wireless and sensing products comprising a portfolio of specialized radio frequency products used in various industrial, medical, and communications applications, as well as specialized sensing products used in industrial and consumer applications.

Semtech Corporation (NASDAQ:SMTC) Institutional Positions Chart

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