122,150 Shares in Semtech Co. (NASDAQ:SMTC) Bought by Castleark Management LLC

Castleark Management LLC bought a new stake in shares of Semtech Co. (NASDAQ:SMTC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 122,150 shares of the semiconductor company's stock, valued at approximately $7,555,000. Castleark Management LLC owned about 0.16% of Semtech as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Hollencrest Capital Management acquired a new stake in Semtech during the 4th quarter worth about $31,000. Dunhill Financial LLC purchased a new position in shares of Semtech in the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC raised its holdings in shares of Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock valued at $48,000 after acquiring an additional 505 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Semtech in the 4th quarter valued at approximately $52,000. Finally, AlphaQuest LLC boosted its stake in Semtech by 173.5% in the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company's stock worth $75,000 after purchasing an additional 772 shares during the period.

Semtech Price Performance

Shares of SMTC stock traded down $0.51 during trading on Monday, reaching $37.28. The company had a trading volume of 1,648,274 shares, compared to its average volume of 2,154,068. The firm's 50 day simple moving average is $33.22 and its two-hundred day simple moving average is $47.43. Semtech Co. has a one year low of $24.05 and a one year high of $79.52. The company has a market capitalization of $3.23 billion, a PE ratio of -2.86, a PEG ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. The business's revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) EPS. Analysts forecast that Semtech Co. will post -0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

SMTC has been the topic of several recent analyst reports. Stifel Nicolaus boosted their target price on shares of Semtech from $35.00 to $42.00 and gave the company a "buy" rating in a research note on Friday. Craig Hallum lowered their price target on Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Benchmark reduced their price objective on Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Piper Sandler restated an "overweight" rating and set a $55.00 price objective (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Finally, Morgan Stanley initiated coverage on Semtech in a research note on Monday, April 7th. They set an "equal weight" rating and a $30.00 target price on the stock. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $57.50.

Insider Buying and Selling at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the transaction, the chief financial officer now directly owns 13,481 shares in the company, valued at approximately $508,368.51. The trade was a 17.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.60% of the company's stock.

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.