Balyasny Asset Management L.P. Cuts Stock Holdings in Semtech Co. (NASDAQ:SMTC)

Balyasny Asset Management L.P. lessened its stake in Semtech Co. (NASDAQ:SMTC - Free Report) by 37.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 509,787 shares of the semiconductor company's stock after selling 302,521 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.67% of Semtech worth $31,530,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SMTC. Vanguard Group Inc. raised its holdings in Semtech by 13.0% during the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock valued at $713,906,000 after acquiring an additional 1,326,226 shares during the period. Hood River Capital Management LLC raised its holdings in Semtech by 1.8% during the 4th quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company's stock valued at $213,385,000 after acquiring an additional 59,743 shares during the period. Wellington Management Group LLP raised its holdings in Semtech by 827.0% during the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock valued at $132,550,000 after acquiring an additional 1,911,890 shares during the period. Geode Capital Management LLC raised its holdings in Semtech by 12.2% during the 4th quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company's stock valued at $112,317,000 after acquiring an additional 197,732 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Semtech by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,061,871 shares of the semiconductor company's stock valued at $65,677,000 after acquiring an additional 3,991 shares during the period.

Semtech Stock Up 8.4%

NASDAQ:SMTC traded up $2.93 during midday trading on Monday, hitting $38.00. The company had a trading volume of 763,842 shares, compared to its average volume of 2,121,957. Semtech Co. has a 52-week low of $24.05 and a 52-week high of $79.52. The stock's fifty day moving average price is $32.41 and its 200-day moving average price is $47.93. The company has a market capitalization of $3.29 billion, a PE ratio of -2.90, a P/E/G ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analysts' expectations of $249.40 million. During the same quarter last year, the firm posted ($0.06) earnings per share. The firm's revenue was up 30.1% on a year-over-year basis. As a group, research analysts forecast that Semtech Co. will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 10,890 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were 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 directly owns 11,625 shares in the company, valued at $403,155. This represents a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Craig Hallum lowered their target price on shares of Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Stifel Nicolaus lowered their target price on shares of Semtech from $54.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Benchmark lowered their target price on shares of Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Morgan Stanley started coverage on shares of Semtech in a report on Monday, April 7th. They set an "equal weight" rating and a $30.00 target price on the stock. Finally, UBS Group decreased their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $56.92.

Semtech 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.