Bank of Nova Scotia Acquires Shares of 101,406 Semtech Corporation $SMTC

Bank of Nova Scotia acquired a new position in Semtech Corporation (NASDAQ:SMTC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 101,406 shares of the semiconductor company's stock, valued at approximately $16,413,000. Bank of Nova Scotia owned approximately 0.11% of Semtech as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SMTC. FNY Investment Advisers LLC lifted its stake in shares of Semtech by 900.0% in the 2nd 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Semtech in the second quarter valued at $32,000. Banque Cantonale Vaudoise bought a new stake in shares of Semtech in the 1st quarter worth about $33,000. IFP Advisors Inc bought a new stake in shares of Semtech in the 4th quarter worth about $53,000. Finally, Allworth Financial LP purchased a new position in shares of Semtech during the 2nd quarter worth about $55,000.

Insiders Place Their Bets

In other news, CEO Hong Q. Hou sold 2,000 shares of Semtech stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $133.00, for a total value of $266,000.00. Following the transaction, the chief executive officer owned 64,799 shares of the company's stock, valued at $8,618,267. The trade was a 2.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Michael Wilson sold 5,500 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $170.00, for a total transaction of $935,000.00. Following the transaction, the insider owned 80,876 shares of the company's stock, valued at approximately $13,748,920. This trade represents a 6.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 21,734 shares of company stock valued at $3,133,986 in the last three months. 0.44% of the stock is currently owned by insiders.

Semtech Trading Down 2.6%

NASDAQ SMTC opened at $120.91 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.62 and a current ratio of 2.37. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of -310.03 and a beta of 2.35. The company's 50-day simple moving average is $136.80 and its two-hundred day simple moving average is $117.89. Semtech Corporation has a one year low of $50.42 and a one year high of $177.35.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. The firm had revenue of $291.02 million during the quarter, compared to analysts' expectations of $283.53 million. Semtech had a negative net margin of 3.05% and a positive return on equity of 18.31%. The company's revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.38 EPS. Equities analysts forecast that Semtech Corporation will post 1.81 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Semtech in a research report on Thursday, June 18th. Craig Hallum boosted their target price on Semtech from $105.00 to $205.00 and gave the company a "buy" rating in a research report on Wednesday, May 27th. BMO Capital Markets initiated coverage on Semtech in a research note on Thursday. They set an "outperform" rating and a $155.00 target price on the stock. UBS Group increased their price target on Semtech from $165.00 to $225.00 and gave the stock a "buy" rating in a report on Wednesday, May 27th. Finally, Benchmark reissued a "buy" rating on shares of Semtech in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $189.47.

Semtech Profile

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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