Semtech Corporation $SMTC Shares Sold by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group L.P. has cut its holdings in Semtech Corporation ($SMTC) by 52.6%, selling 436,792 shares and now owning approximately 0.45% of the company valued at $13.5 million.
• Several institutional investors, including Principal Financial Group and Deutsche Bank, have increased their stakes in Semtech, indicating positive sentiment as these firms expand their positions during the same quarter.
• Analyst ratings for Semtech remain optimistic, with multiple firms recently raising their price targets and maintaining 'buy' ratings, suggesting a consensus target price of $60.42.

Alyeska Investment Group L.P. cut its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 52.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 392,876 shares of the semiconductor company's stock after selling 436,792 shares during the period. Alyeska Investment Group L.P. owned about 0.45% of Semtech worth $13,515,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Semtech by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company's stock worth $402,560,000 after acquiring an additional 159,770 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of Semtech by 15.8% during the first quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company's stock valued at $221,737,000 after buying an additional 877,422 shares during the period. Whale Rock Capital Management LLC increased its position in Semtech by 364.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company's stock valued at $202,015,000 after purchasing an additional 2,562,602 shares during the period. Wellington Management Group LLP increased its holdings in Semtech by 7.9% during the first quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company's stock valued at $79,575,000 after buying an additional 170,132 shares during the period. Finally, Invesco Ltd. raised its position in shares of Semtech by 74.0% in the 1st quarter. Invesco Ltd. now owns 1,800,174 shares of the semiconductor company's stock worth $61,926,000 after acquiring an additional 765,558 shares in the last quarter.

Wall Street Analysts Forecast Growth

SMTC has been the subject of a number of analyst reports. Northland Securities increased their target price on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a research report on Tuesday, August 26th. Benchmark reiterated a "buy" rating and set a $68.00 price target on shares of Semtech in a research note on Tuesday, August 26th. Piper Sandler raised their target price on shares of Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Needham & Company LLC raised their target price on Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Finally, Stifel Nicolaus lifted their price target on Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Eleven 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 stock currently has an average rating of "Moderate Buy" and an average target price of $60.42.

Semtech Trading Up 1.3%

Shares of SMTC traded up $0.77 during midday trading on Friday, reaching $60.67. The company had a trading volume of 1,368,830 shares, compared to its average volume of 2,018,535. The company has a quick ratio of 1.78, a current ratio of 2.53 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 firm has a 50 day simple moving average of $51.35 and a 200-day simple moving average of $41.13. The stock has a market cap of $5.26 billion, a PE ratio of 252.79 and a beta of 1.98.

Insider Activity at Semtech

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

About Semtech

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.