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Bayforest Capital Ltd Buys 7,562 Shares of Semtech Corporation (NASDAQ:SMTC)

Semtech logo with Computer and Technology background

Key Points

  • Bayforest Capital Ltd increased its stake in Semtech Corporation by 149.7% during the first quarter, bringing its holdings to $434,000.
  • Semtech reported earnings of $0.31 per share, exceeding analyst expectations, and had a 21.8% year-over-year revenue growth.
  • Analysts maintain a consensus rating of "Moderate Buy" for Semtech, with a consensus target price of $59.58.
  • Five stocks to consider instead of Semtech.

Bayforest Capital Ltd raised its stake in Semtech Corporation (NASDAQ:SMTC - Free Report) by 149.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,613 shares of the semiconductor company's stock after buying 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 SEC.

Several other institutional investors also recently modified their holdings of SMTC. XTX Topco Ltd grew its position in Semtech by 79.2% during the 1st quarter. XTX Topco Ltd now owns 14,420 shares of the semiconductor company's stock worth $496,000 after purchasing an additional 6,375 shares in the last quarter. Federated Hermes Inc. grew its position in Semtech by 50.8% during the 1st quarter. Federated Hermes Inc. now owns 189,745 shares of the semiconductor company's stock worth $6,527,000 after purchasing an additional 63,897 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new position in Semtech during the 1st quarter worth approximately $418,000. Essex Investment Management Co. LLC purchased a new position in Semtech during the 1st quarter worth approximately $1,703,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Semtech by 21.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,976 shares of the semiconductor company's stock worth $790,000 after purchasing an additional 4,037 shares in the last quarter.

Semtech Stock Performance

SMTC stock traded down $0.96 during mid-day trading on Friday, reaching $50.14. 1,713,001 shares of the stock traded hands, compared to its average volume of 1,876,649. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52. The business has a 50-day moving average of $44.72 and a two-hundred day moving average of $42.05. The firm has a market capitalization of $4.34 billion, a PE ratio of -24.34 and a beta of 1.94.

Semtech (NASDAQ:SMTC - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.10. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. The company had revenue of $251.10 million during the quarter, compared to analysts' expectations of $249.79 million. During the same period in the prior year, the company earned $0.06 earnings per share. The business's quarterly revenue was up 21.8% compared to the same quarter last year. As a group, equities analysts predict that Semtech Corporation will post -0.02 EPS for the current fiscal year.

Insider Transactions at Semtech

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the sale, the chief operating officer directly owned 105,996 shares in the company, valued at $4,555,708.08. This represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Lin sold 999 shares of the stock in a transaction dated 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 sale, the chief financial officer owned 17,211 shares of the company's stock, valued at approximately $754,530.24. The trade was a 5.49% decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on SMTC shares. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. UBS Group lowered their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Benchmark restated a "buy" rating and set a $68.00 price target on shares of Semtech in a report on Wednesday, May 28th. Morgan Stanley set a $43.00 price target on shares of Semtech in a report on Wednesday, May 28th. Finally, Stifel Nicolaus boosted their price target on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $59.58.

View Our Latest Stock Analysis on Semtech

Semtech Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Semtech (NASDAQ:SMTC)

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