Burkehill Global Management LP Decreases Stock Position in Semtech Corporation (NASDAQ:SMTC)

Key Points

• Burkehill Global Management LP has reduced its holdings in Semtech Corporation by 16.7%, now owning approximately 250,000 shares valued at $8.6 million.
• Several institutional investors have increased their stakes in Semtech, with Vanguard Group Inc. raising its position by 1.4% and Whale Rock Capital Management LLC increasing its stake by 364.2%.
• Despite a 1.3% drop in stock price, Semtech reported an earnings per share of $0.31, surpassing estimates and showing a positive revenue growth of 21.8% compared to the previous year.

Burkehill Global Management LP trimmed its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 16.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 250,000 shares of the semiconductor company's stock after selling 50,000 shares during the period. Burkehill Global Management LP owned 0.29% of Semtech worth $8,600,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Dunhill Financial LLC purchased a new position in shares of Semtech in the 4th quarter worth $31,000. Versant Capital Management Inc lifted its holdings 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 acquiring an additional 553 shares during the last quarter. Mariner LLC grew its position in Semtech by 3.3% in the fourth quarter. Mariner LLC now owns 18,136 shares of the semiconductor company's stock worth $1,122,000 after acquiring an additional 582 shares in the last quarter. KBC Group NV grew its position in Semtech by 16.8% in the first quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock worth $140,000 after acquiring an additional 586 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in Semtech by 12.9% during the fourth quarter. Cetera Investment Advisers now owns 5,226 shares of the semiconductor company's stock worth $323,000 after acquiring an additional 599 shares during the last quarter.

Insider Buying and Selling at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total value of $85,960.00. Following the transaction, the chief operating officer owned 105,996 shares of the company's stock, valued at $4,555,708.08. The trade was a 1.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the chief financial officer directly owned 17,211 shares of the company's stock, valued at $754,530.24. The trade was a 5.49% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

Semtech Stock Down 7.5%

Shares of SMTC stock traded down $3.98 on Thursday, hitting $49.26. The stock had a trading volume of 813,877 shares, compared to its average volume of 2,420,160. 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 one year low of $24.05 and a one year high of $79.52. The business has a 50 day moving average price of $46.93 and a 200 day moving average price of $40.79. The company has a market cap of $4.27 billion, a PE ratio of -23.96 and a beta of 1.94.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on SMTC shares. Benchmark reiterated a "buy" rating and issued a $68.00 target price on shares of Semtech in a report on Wednesday, May 28th. UBS Group dropped their price objective on shares of Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Morgan Stanley set a $43.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Stifel Nicolaus raised their target price on shares of Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $54.00 price target on shares of Semtech in a report on Wednesday, May 28th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $59.58.

About Semtech

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.