Algert Global LLC Takes Position in Semtech Co. (NASDAQ:SMTC)

Algert Global LLC bought a new stake in Semtech Co. (NASDAQ:SMTC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 63,113 shares of the semiconductor company's stock, valued at approximately $3,904,000. Algert Global LLC owned about 0.08% of Semtech at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in shares of Semtech during the 4th quarter worth $31,000. Smartleaf Asset Management LLC increased its stake in shares of Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock valued at $48,000 after acquiring an additional 505 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Semtech in the fourth quarter worth approximately $52,000. AlphaQuest LLC grew its holdings in Semtech by 173.5% in the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company's stock valued at $75,000 after purchasing an additional 772 shares during the period. Finally, Harvest Fund Management Co. Ltd acquired a new position in Semtech during the fourth quarter worth approximately $91,000.

Semtech Stock Up 7.6%

NASDAQ SMTC traded up $2.68 on Monday, hitting $37.75. The stock had a trading volume of 575,190 shares, compared to its average volume of 2,716,349. The company's 50-day moving average is $32.41 and its two-hundred day moving average is $47.93. The stock has a market cap of $3.27 billion, a price-to-earnings ratio of -2.89, a P/E/G ratio of 2.12 and a beta of 1.88. Semtech Co. has a one year low of $24.05 and a one year high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. The company's revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) earnings per share. On average, sell-side analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SMTC has been the topic of a number of research analyst reports. Morgan Stanley began coverage on Semtech in a report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 target price on the stock. Robert W. Baird reduced their price target on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. Benchmark cut their price objective on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Piper Sandler reaffirmed an "overweight" rating and set a $55.00 price target (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, UBS Group reduced their target price on Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.92.

Insider Transactions at Semtech

In other Semtech news, CFO Mark Lin sold 2,907 shares of the business's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares in the company, valued at $508,368.51. The trade was a 17.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.60% of the company's stock.

Semtech Company Profile

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.