Bank of New York Mellon Corp purchased a new stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 542,011 shares of the semiconductor company's stock, valued at approximately $87,725,000. Bank of New York Mellon Corp owned about 0.58% of Semtech at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. FNY Investment Advisers LLC increased its holdings in shares of Semtech by 900.0% during the second quarter. FNY Investment Advisers LLC now owns 200 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 180 shares during the period. Banque Cantonale Vaudoise bought a new stake in Semtech during the first quarter worth approximately $33,000. IFP Advisors Inc bought a new stake in Semtech during the fourth quarter worth approximately $53,000. Smartleaf Asset Management LLC lifted its position in Semtech by 24.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,274 shares of the semiconductor company's stock worth $57,000 after purchasing an additional 247 shares during the period. Finally, NewEdge Advisors LLC lifted its position in Semtech by 1,215.4% in the third quarter. NewEdge Advisors LLC now owns 855 shares of the semiconductor company's stock worth $61,000 after purchasing an additional 790 shares during the period.
Semtech Stock Down 2.6%
Shares of Semtech stock opened at $120.91 on Tuesday. The company has a market cap of $11.26 billion, a P/E ratio of -310.03 and a beta of 2.35. Semtech Corporation has a 1 year low of $50.42 and a 1 year high of $177.35. The company has a current ratio of 2.37, a quick ratio of 1.62 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average price of $136.80 and a 200 day moving average price of $117.89.
Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.06. Semtech had a negative net margin of 3.05% and a positive return on equity of 18.31%. The business had revenue of $291.02 million during the quarter, compared to analyst estimates of $283.53 million. During the same period in the prior year, the firm earned $0.38 earnings per share. The firm's revenue was up 15.9% compared to the same quarter last year. As a group, analysts expect that Semtech Corporation will post 1.81 EPS for the current fiscal year.
Analyst Ratings Changes
Several equities analysts have recently issued reports on the company. Benchmark reiterated a "buy" rating on shares of Semtech in a research report on Thursday. Needham & Company LLC reissued a "buy" rating and set a $200.00 target price on shares of Semtech in a research note on Friday, August 14th. Craig Hallum raised their target price on shares of Semtech from $105.00 to $205.00 and gave the stock a "buy" rating in a report on Wednesday, May 27th. UBS Group lifted their price target on shares of Semtech from $165.00 to $225.00 and gave the stock a "buy" rating in a research report on Wednesday, May 27th. Finally, Susquehanna upped their price target on Semtech from $170.00 to $200.00 and gave the company a "positive" rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $189.47.
View Our Latest Stock Analysis on Semtech
Insider Buying and Selling
In other news, insider John Michael Wilson sold 5,500 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $170.00, for a total transaction of $935,000.00. Following the completion of the sale, the insider directly owned 80,876 shares of the company's stock, valued at $13,748,920. This trade represents a 6.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Asaf Silberstein sold 8,500 shares of Semtech stock in a transaction dated 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 sale, the chief operating officer owned 96,862 shares of the company's stock, valued at approximately $12,378,963.60. This represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 21,734 shares of company stock worth $3,133,986. Insiders own 0.44% of the company's stock.
About Semtech
(
Free Report)
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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