Alliancebernstein L.P. Sells 285,551 Shares of Semtech Corporation $SMTC

Key Points

• Alliancebernstein L.P. reduced its stake in Semtech Corporation by 8.6%, selling 285,551 shares during the first quarter, now holding approximately 3.49% of the company valued at $104 million.
• Several hedge funds adjusted their positions in Semtech, with BNP Paribas Financial Markets increasing its stake by 471.3%, while Dimensional Fund Advisors raised its stake by 11.5%.
• Analysts have upgraded Semtech's stock rating multiple times, with a consensus price target of $60.42 and a majority rating it as a "Moderate Buy".

Alliancebernstein L.P. reduced its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 8.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,023,394 shares of the semiconductor company's stock after selling 285,551 shares during the period. Alliancebernstein L.P. owned approximately 3.49% of Semtech worth $104,005,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SMTC. Raymond James Financial Inc. bought a new stake in shares of Semtech during the 4th quarter worth $360,000. Dimensional Fund Advisors LP lifted its stake in Semtech by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,571 shares of the semiconductor company's stock worth $1,087,000 after purchasing an additional 1,813 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Semtech by 328.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,507 shares of the semiconductor company's stock valued at $93,000 after acquiring an additional 1,155 shares during the period. BNP Paribas Financial Markets increased its position in shares of Semtech by 471.3% in the fourth quarter. BNP Paribas Financial Markets now owns 204,159 shares of the semiconductor company's stock valued at $12,627,000 after acquiring an additional 168,426 shares during the period. Finally, Baird Financial Group Inc. increased its position in shares of Semtech by 7.8% in the fourth quarter. Baird Financial Group Inc. now owns 72,153 shares of the semiconductor company's stock valued at $4,463,000 after acquiring an additional 5,251 shares during the period.

Semtech Stock Up 1.3%

SMTC opened at $60.67 on Friday. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94. Semtech Corporation has a 1-year low of $24.05 and a 1-year high of $79.52. The company has a market capitalization of $5.26 billion, a PE ratio of 252.79 and a beta of 1.98. The firm's 50 day simple moving average is $51.35 and its two-hundred day simple moving average is $41.09.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Craig Hallum boosted their price target on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Morgan Stanley set a $43.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Northland Securities increased their price target on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Piper Sandler increased their price objective on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Finally, Stifel Nicolaus increased their price objective on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.42.

Insider Activity at Semtech

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total value of $85,960.00. Following the transaction, the chief operating officer directly owned 105,996 shares in the company, valued at approximately $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Lin sold 999 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total transaction of $43,796.16. Following the completion of the transaction, the chief financial officer owned 17,211 shares in the company, valued at $754,530.24. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

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.

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