Freestone Grove Partners LP bought a new position in Semtech Co. (NASDAQ:SMTC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 237,017 shares of the semiconductor company's stock, valued at approximately $14,660,000. Freestone Grove Partners LP owned 0.31% of Semtech as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in shares of Semtech by 827.0% in the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock valued at $132,550,000 after purchasing an additional 1,911,890 shares during the last quarter. Vanguard Group Inc. boosted its stake in Semtech by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock worth $713,906,000 after buying an additional 1,326,226 shares during the last quarter. Capital World Investors acquired a new position in Semtech during the fourth quarter worth approximately $37,110,000. Portolan Capital Management LLC raised its position in shares of Semtech by 609.5% in the 4th quarter. Portolan Capital Management LLC now owns 667,211 shares of the semiconductor company's stock worth $41,267,000 after buying an additional 573,175 shares during the period. Finally, Schroder Investment Management Group acquired a new position in shares of Semtech in the 4th quarter valued at about $27,254,000.
Insider Buying and Selling
In related news, CFO Mark Lin sold 10,890 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the sale, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. This represents a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.60% of the stock is owned by insiders.
Semtech Stock Up 5.5 %
Shares of NASDAQ SMTC traded up $1.79 during mid-day trading on Friday, reaching $34.13. 3,071,983 shares of the company were exchanged, compared to its average volume of 2,119,233. The company's 50-day simple moving average is $32.63 and its 200-day simple moving average is $48.27. The stock has a market capitalization of $2.96 billion, a P/E ratio of -2.62, a P/E/G ratio of 2.12 and a beta of 1.85. Semtech Co. has a twelve month low of $24.05 and a twelve month high of $79.52.
Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. The company's revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.06) EPS. As a group, equities research analysts expect that Semtech Co. will post -0.02 EPS for the current year.
Analysts Set New Price Targets
A number of brokerages have commented on SMTC. Morgan Stanley started coverage on shares of Semtech in a report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 price objective on the stock. Benchmark dropped their target price on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Stifel Nicolaus cut their target price on Semtech from $54.00 to $35.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Piper Sandler reiterated an "overweight" rating and set a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, Craig Hallum cut their price target on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a report on Friday, March 14th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $57.33.
Read Our Latest Stock Analysis on SMTC
About Semtech
(
Free Report)
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.
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