Bayforest Capital Ltd Boosts Position in Semtech Corporation $SMTC

Key Points

• Bayforest Capital Ltd increased its holdings in Semtech Corporation by 149.7%, acquiring an additional 7,562 shares to reach a total of 12,613 shares, now valued at $434,000.
• Multiple institutional investors, including NBC Securities Inc. and Jones Financial Companies Lllp, significantly increased their stakes in Semtech during the first quarter, indicating growing confidence in the semiconductor company's prospects.
• Analysts are optimistic about Semtech's future, with several firms raising their price targets for the stock, reflecting a strong consensus rating of "Moderate Buy" and an average target price of $61.08.

Bayforest Capital Ltd raised its stake in Semtech Corporation (NASDAQ:SMTC - Free Report) by 149.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,613 shares of the semiconductor company's stock after purchasing an additional 7,562 shares during the period. Bayforest Capital Ltd's holdings in Semtech were worth $434,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Semtech by 4.2% in the first quarter. Principal Financial Group Inc. now owns 427,958 shares of the semiconductor company's stock valued at $14,722,000 after purchasing an additional 17,345 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Semtech by 168.1% in the 1st quarter. Deutsche Bank AG now owns 1,210,078 shares of the semiconductor company's stock worth $41,627,000 after acquiring an additional 758,642 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Semtech by 7.9% in the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company's stock worth $79,575,000 after acquiring an additional 170,132 shares during the last quarter. Paradigm Capital Management Inc. NY acquired a new stake in shares of Semtech in the 1st quarter worth about $6,591,000. Finally, KBC Group NV raised its holdings in shares of Semtech by 16.8% in the 1st quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock worth $140,000 after acquiring an additional 586 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SMTC. Morgan Stanley set a $43.00 target price on shares of Semtech in a report on Wednesday, May 28th. Piper Sandler boosted their target price on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Benchmark upped their price target on shares of Semtech from $68.00 to $76.00 and gave the company a "buy" rating in a research note on Tuesday, September 9th. Craig Hallum upped their price target on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Finally, Stifel Nicolaus upped their price target on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.08.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 999 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total value of $43,796.16. Following the transaction, the chief financial officer directly owned 17,211 shares in the company, valued at approximately $754,530.24. This represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the transaction, the chief operating officer owned 105,996 shares in the company, valued at approximately $4,555,708.08. The trade was a 1.85% 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 insiders.

Semtech Stock Performance

Shares of SMTC stock traded up $1.30 during trading hours on Monday, reaching $61.60. The company had a trading volume of 259,692 shares, compared to its average volume of 2,365,198. The business has a fifty day moving average price of $53.00 and a 200-day moving average price of $41.97. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. The firm has a market cap of $5.35 billion, a PE ratio of 256.10 and a beta of 1.98. Semtech Corporation has a one year low of $24.05 and a one year high of $79.52.

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.