Bayforest Capital Ltd Buys 7,562 Shares of 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 position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 149.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,613 shares of the semiconductor company's stock after acquiring an additional 7,562 shares during the period. Bayforest Capital Ltd's holdings in Semtech were worth $434,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. NBC Securities Inc. grew its position in Semtech by 104,700.0% in the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock valued at $36,000 after acquiring an additional 1,047 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Semtech by 33.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock worth $36,000 after purchasing an additional 257 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Semtech by 58.5% in the 1st quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock valued at $52,000 after purchasing an additional 553 shares during the last quarter. Archer Investment Corp purchased a new stake in Semtech during the 1st quarter valued at about $64,000. Finally, Jones Financial Companies Lllp lifted its position in Semtech by 12,214.3% during the first quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company's stock valued at $89,000 after purchasing an additional 2,565 shares during the period.

Semtech Price Performance

Semtech stock opened at $61.58 on Wednesday. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94. The company has a 50-day moving average price of $52.02 and a 200 day moving average price of $41.43. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. The stock has a market cap of $5.34 billion, a P/E ratio of 256.58 and a beta of 1.98.

Wall Street Analysts Forecast Growth

SMTC has been the subject of a number of analyst reports. Piper Sandler upped their price objective on shares of Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Benchmark lifted their target price on shares of Semtech from $68.00 to $76.00 and gave the company a "buy" rating in a research report on Tuesday. Craig Hallum increased their target price on Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Needham & Company LLC raised their price objective on Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Finally, Morgan Stanley set a $43.00 target price on shares of Semtech in a research report on Wednesday, May 28th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $61.08.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 999 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total transaction of $43,796.16. Following the completion of the transaction, the chief financial officer 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction dated Tuesday, June 24th. The shares were 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 of the company's stock, valued at approximately $4,555,708.08. This represents 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 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.

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