Bayesian Capital Management LP Sells 12,244 Shares of Semtech Co. (NASDAQ:SMTC)

Bayesian Capital Management LP reduced its position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 50.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,956 shares of the semiconductor company's stock after selling 12,244 shares during the period. Bayesian Capital Management LP's holdings in Semtech were worth $739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of Semtech during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC lifted its holdings in Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 505 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Semtech in the fourth quarter worth $52,000. AlphaQuest LLC grew its stake in Semtech by 173.5% in the 4th 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 bought a new position in Semtech in the 4th quarter valued at $91,000.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 2,907 shares of the firm's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the sale, the chief financial officer now owns 13,481 shares in the company, valued at approximately $508,368.51. This trade represents a 17.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.60% of the company's stock.

Semtech Trading Up 1.6 %

SMTC stock opened at $34.66 on Tuesday. The firm has a 50 day moving average of $32.55 and a 200-day moving average of $48.20. The firm has a market capitalization of $3.00 billion, a P/E ratio of -2.66, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88. Semtech Co. has a 12 month low of $24.05 and a 12 month high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last released its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to analysts' expectations of $249.40 million. During the same quarter last year, the firm earned ($0.06) earnings per share. The firm's revenue for the quarter was up 30.1% on a year-over-year basis. Sell-side analysts predict that Semtech Co. will post -0.02 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SMTC. Piper Sandler reissued an "overweight" rating and issued a $55.00 price target (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Craig Hallum reduced their target price on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Morgan Stanley began coverage on shares of Semtech in a report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 price target on the stock. Benchmark reduced their price objective on Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a report on Friday, March 14th. Finally, UBS Group lowered their target price on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Semtech currently has an average rating of "Moderate Buy" and an average target price of $56.92.

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.

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