33,693 Shares in Semtech Corporation $SMTC Purchased by TimesSquare Capital Management LLC

Key Points

• TimesSquare Capital Management initiated a position in Semtech by purchasing 33,693 shares worth approximately $5.45 million during the second quarter. Several other institutional investors also increased or initiated holdings.
• Semtech reported quarterly EPS of $0.51, beating estimates of $0.45, while revenue of $291.02 million exceeded expectations and rose 15.9% year over year.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $189.07, although insiders sold 22,234 shares worth about $3.2 million over the past 90 days.

TimesSquare Capital Management LLC purchased a new position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 33,693 shares of the semiconductor company's stock, valued at approximately $5,453,000.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp lifted its position in shares of Semtech by 12,214.3% during the 1st quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company's stock worth $89,000 after buying an additional 2,565 shares during the period. Empowered Funds LLC raised its stake in Semtech by 11.5% during the first quarter. Empowered Funds LLC now owns 9,389 shares of the semiconductor company's stock worth $323,000 after acquiring an additional 968 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Semtech by 5.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 411,814 shares of the semiconductor company's stock valued at $14,166,000 after acquiring an additional 22,629 shares during the period. Strs Ohio acquired a new stake in shares of Semtech in the 1st quarter valued at $65,000. Finally, Cetera Investment Advisers bought a new stake in shares of Semtech in the 2nd quarter worth about $226,000.

Semtech Price Performance

Semtech stock opened at $154.22 on Tuesday. The business's 50-day simple moving average is $140.52 and its 200 day simple moving average is $116.40. The company has a quick ratio of 1.62, a current ratio of 2.37 and a debt-to-equity ratio of 0.86. The stock has a market cap of $14.37 billion, a price-to-earnings ratio of -395.44 and a beta of 2.35. Semtech Corporation has a 12-month low of $46.02 and a 12-month high of $177.35.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. The firm had revenue of $291.02 million during the quarter, compared to analysts' expectations of $283.53 million. Semtech had a positive return on equity of 18.31% and a negative net margin of 3.05%.The company's quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.38 EPS. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. As a group, research analysts anticipate that Semtech Corporation will post 1.81 earnings per share for the current year.

Insider Buying and Selling at Semtech

In related news, COO Asaf Silberstein sold 8,500 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $127.80, for a total value of $1,086,300.00. Following the transaction, the chief operating officer directly owned 96,862 shares in the company, valued at $12,378,963.60. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Lin sold 970 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $150.41, for a total transaction of $145,897.70. Following the completion of the transaction, the chief financial officer directly owned 34,896 shares in the company, valued at approximately $5,248,707.36. The trade was a 2.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,234 shares of company stock valued at $3,203,091 over the last 90 days. Company insiders own 0.44% of the company's stock.

Analyst Ratings Changes

SMTC has been the subject of several analyst reports. UBS Group lifted their price target on shares of Semtech from $165.00 to $225.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Morgan Stanley upped their price objective on shares of Semtech from $155.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Semtech in a report on Thursday, June 18th. TD Cowen lifted their target price on shares of Semtech from $210.00 to $215.00 and gave the company a "buy" rating in a research note on Monday, June 22nd. Finally, Northland Securities downgraded Semtech from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $189.07.

Semtech Company Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company's products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech's portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.

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