Assenagon Asset Management S.A. Buys 435,814 Shares of Semtech Corporation (NASDAQ:SMTC)

Assenagon Asset Management S.A. lifted its holdings in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 1,205.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 471,966 shares of the semiconductor company's stock after acquiring an additional 435,814 shares during the quarter. Assenagon Asset Management S.A. owned about 0.55% of Semtech worth $16,236,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC acquired a new stake in shares of Semtech in the 4th quarter valued at about $521,000. Stephens Inc. AR acquired a new stake in shares of Semtech in the 4th quarter valued at about $889,000. Louisiana State Employees Retirement System raised its stake in shares of Semtech by 12.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 40,800 shares of the semiconductor company's stock valued at $2,523,000 after purchasing an additional 4,500 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Semtech by 332.1% in the 4th quarter. Van ECK Associates Corp now owns 12,103 shares of the semiconductor company's stock valued at $749,000 after purchasing an additional 9,302 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake in shares of Semtech by 3.8% in the 4th quarter. New York State Teachers Retirement System now owns 82,202 shares of the semiconductor company's stock valued at $5,084,000 after purchasing an additional 2,981 shares in the last quarter.

Semtech Stock Down 1.6%

Shares of Semtech stock traded down $0.64 during midday trading on Tuesday, reaching $40.23. 1,682,207 shares of the company's stock traded hands, compared to its average volume of 2,116,923. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -19.53 and a beta of 1.88. The company's 50 day simple moving average is $34.74 and its 200 day simple moving average is $45.82. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.81 and a current ratio of 2.53. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SMTC shares. Benchmark reiterated a "buy" rating and set a $68.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. UBS Group dropped their price objective on shares of Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. Morgan Stanley set a $43.00 target price on shares of Semtech in a research report on Wednesday, May 28th. Finally, Stifel Nicolaus lifted their price target on Semtech from $35.00 to $42.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Semtech presently has a consensus rating of "Moderate Buy" and an average target price of $58.58.

Insider Buying and Selling at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company's stock.

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.