Assenagon Asset Management S.A. Trims Position in Semtech Corporation $SMTC

Key Points

• Assenagon Asset Management cut its Semtech stake by 55.2% in the second quarter, selling 431,315 shares and retaining 349,688 shares worth approximately $56.6 million.
• Semtech reported quarterly revenue of $291.0 million and adjusted EPS of $0.51, beating analyst estimates of $283.5 million and $0.45, respectively; revenue rose 15.9% year over year.
• Analyst sentiment remains broadly positive: Semtech has a “Moderate Buy” consensus rating and a $189.07 average price target, while company insiders sold 22,234 shares worth about $3.2 million during the quarter.

Assenagon Asset Management S.A. decreased its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 55.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 349,688 shares of the semiconductor company's stock after selling 431,315 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.38% of Semtech worth $56,597,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Leonteq Securities AG boosted its holdings in shares of Semtech by 11.2% in the first quarter. Leonteq Securities AG now owns 1,171 shares of the semiconductor company's stock valued at $90,000 after acquiring an additional 118 shares in the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of Semtech by 2.3% in the fourth quarter. Evergreen Capital Management LLC now owns 5,945 shares of the semiconductor company's stock valued at $438,000 after buying an additional 136 shares during the period. Stephens Inc. AR grew its holdings in Semtech by 3.3% during the fourth quarter. Stephens Inc. AR now owns 4,410 shares of the semiconductor company's stock worth $325,000 after acquiring an additional 142 shares during the period. Captrust Financial Advisors raised its position in Semtech by 0.8% in the fourth quarter. Captrust Financial Advisors now owns 19,302 shares of the semiconductor company's stock worth $1,422,000 after acquiring an additional 162 shares in the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of Semtech by 1.5% during the 4th quarter. Cetera Investment Advisers now owns 11,737 shares of the semiconductor company's stock valued at $865,000 after purchasing an additional 177 shares in the last quarter.

Insider Transactions at Semtech

In other Semtech news, CFO Mark Lin sold 970 shares of the firm's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $150.41, for a total value of $145,897.70. Following the sale, the chief financial officer directly owned 34,896 shares in the company, valued at $5,248,707.36. This trade represents a 2.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Asaf Silberstein sold 8,500 shares of the company's 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 completion of the transaction, the chief operating officer directly owned 96,862 shares of the company's stock, valued at approximately $12,378,963.60. This trade represents a 8.07% decrease in their position. 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 quarter, insiders sold 22,234 shares of company stock worth $3,203,091. 0.44% of the stock is currently owned by insiders.

Semtech Price Performance

Shares of NASDAQ:SMTC opened at $139.42 on Friday. The business has a 50-day moving average of $143.09 and a two-hundred day moving average of $113.67. Semtech Corporation has a fifty-two week low of $46.02 and a fifty-two week high of $177.35. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.37 and a quick ratio of 1.62. The stock has a market capitalization of $12.99 billion, a P/E ratio of -357.49 and a beta of 2.35.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.45 by $0.06. The company had revenue of $291.02 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 earnings per share. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. On average, equities research analysts predict that Semtech Corporation will post 1.81 EPS for the current fiscal year.

Analyst Ratings Changes

SMTC has been the topic of several recent research reports. Benchmark lifted their price target on shares of Semtech from $120.00 to $230.00 and gave the stock a "buy" rating in a research report on Wednesday, May 27th. Zacks Research raised Semtech from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 29th. Needham & Company LLC reissued a "buy" rating and issued a $200.00 target price on shares of Semtech in a research report on Monday, July 13th. Stifel Nicolaus boosted their price target on shares of Semtech from $157.00 to $188.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Finally, Oppenheimer set a $200.00 target price on shares of Semtech in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Semtech currently has an average rating of "Moderate Buy" and a consensus price target of $189.07.

About Semtech

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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