California State Teachers Retirement System Buys 17,344,126 Shares of Semtech Corporation $SMTC

Key Points

• California State Teachers Retirement System increased its Semtech stake by 16,868.8% in the second quarter, purchasing 17.34 million additional shares and holding approximately 18.73% of the company, valued at $2.82 billion.
• Semtech reported quarterly earnings of $0.71 per share, exceeding estimates of $0.61, while revenue rose 32.7% year over year to $341.87 million. Analysts maintain a Moderate Buy consensus with an average price target of $204.71.
• Company insiders sold 23,234 shares worth $3.30 million during the last quarter under pre-arranged Rule 10b5-1 trading plans, while insider ownership stands at 0.44%.

California State Teachers Retirement System boosted its stake in Semtech Corporation (NASDAQ:SMTC - Free Report) by 16,868.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,446,944 shares of the semiconductor company's stock after buying an additional 17,344,126 shares during the quarter. California State Teachers Retirement System owned approximately 18.73% of Semtech worth $2,823,788,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Greenland Capital Management LP purchased a new position in Semtech during the 2nd quarter worth $490,000. Ameritas Advisory Services LLC purchased a new stake in shares of Semtech in the second quarter valued at about $3,343,000. MOR Wealth Management LLC bought a new position in shares of Semtech during the second quarter valued at about $457,000. TD Waterhouse Canada Inc. lifted its position in shares of Semtech by 66.0% during the second quarter. TD Waterhouse Canada Inc. now owns 4,011 shares of the semiconductor company's stock valued at $649,000 after purchasing an additional 1,595 shares in the last quarter. Finally, Nykredit A S purchased a new position in Semtech during the second quarter worth about $557,000.

Insiders Place Their Bets

In other Semtech news, COO Asaf Silberstein sold 8,500 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $127.80, for a total transaction of $1,086,300.00. Following the completion of the transaction, the chief operating officer directly owned 96,862 shares of the company's stock, valued at approximately $12,378,963.60. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, CEO Hong Hou sold 2,000 shares of the firm's stock in a transaction on Friday, July 10th. The stock was sold at an average price of $133.00, for a total value of $266,000.00. Following the completion of the sale, the chief executive officer directly owned 64,799 shares of the company's stock, valued at $8,618,267. This represents a 2.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 23,234 shares of company stock valued at $3,304,706 in the last quarter. 0.44% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Mizuho set a $225.00 price objective on shares of Semtech in a research note on Wednesday, May 27th. Benchmark reissued a "buy" rating on shares of Semtech in a research report on Thursday, August 20th. Wall Street Zen upgraded Semtech from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 29th. BMO Capital Markets assumed coverage on Semtech in a report on Wednesday, August 26th. They issued an "outperform" rating and a $155.00 target price for the company. Finally, Robert W. Baird increased their price target on Semtech from $225.00 to $300.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Fifteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Semtech presently has a consensus rating of "Moderate Buy" and an average target price of $204.71.

Semtech Stock Performance

Shares of SMTC stock opened at $159.13 on Friday. The firm has a market cap of $14.85 billion, a price-to-earnings ratio of 105.38 and a beta of 2.35. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.31 and a current ratio of 1.70. Semtech Corporation has a 52 week low of $57.50 and a 52 week high of $177.35. The firm's 50-day simple moving average is $133.22 and its two-hundred day simple moving average is $123.06.

Semtech (NASDAQ:SMTC - Get Free Report) last released its earnings results on Tuesday, August 25th. The semiconductor company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.10. Semtech had a net margin of 13.11% and a return on equity of 21.74%. The firm had revenue of $341.87 million for the quarter, compared to analysts' expectations of $328.67 million. During the same period in the previous year, the company earned $0.41 earnings per share. The company's quarterly revenue was up 32.7% on a year-over-year basis. Semtech has set its Q3 2027 guidance at 1.020-1.080 EPS. As a group, equities analysts forecast that Semtech Corporation will post 2.64 earnings per share for the current year.

About Semtech

Semtech Corporation NASDAQ: SMTC is a global semiconductor and technology company that designs and supplies analog and mixed-signal products. Its solutions are used to manage, protect, connect and process electronic signals in infrastructure, data centers, industrial systems, automotive applications, consumer devices and communications equipment.

The company's portfolio includes signal-integrity and connectivity products, power-management and protection devices, wireless and radio-frequency solutions, and specialized semiconductors.

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