Castleark Management LLC Invests $7.56 Million in Semtech Co. (NASDAQ:SMTC)

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

Other institutional investors also recently bought and sold shares of the company. Whale Rock Capital Management LLC lifted its stake in shares of Semtech by 364.2% in the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company's stock valued at $202,015,000 after purchasing an additional 2,562,602 shares during the period. Wellington Management Group LLP grew its position in Semtech by 827.0% during the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock valued at $132,550,000 after buying an additional 1,911,890 shares during the period. Vanguard Group Inc. increased its holdings in Semtech by 13.0% in the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock valued at $713,906,000 after buying an additional 1,326,226 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Semtech in the fourth quarter worth about $51,315,000. Finally, Fred Alger Management LLC raised its position in shares of Semtech by 122.6% in the fourth quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company's stock worth $92,271,000 after acquiring an additional 821,671 shares during the period.

Semtech Stock Down 2.0%

Shares of SMTC opened at $39.35 on Wednesday. The firm's fifty day moving average is $33.30 and its two-hundred day moving average is $47.62. The stock has a market cap of $3.41 billion, a PE ratio of -3.02, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88. Semtech Co. has a 52-week low of $24.05 and a 52-week high of $79.52.

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

Insider Activity

In other news, CFO Mark Lin sold 2,907 shares of the business's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares of the company's stock, valued at approximately $508,368.51. The trade was a 17.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

SMTC has been the subject of several recent analyst reports. Stifel Nicolaus cut their price target on Semtech from $54.00 to $35.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Robert W. Baird dropped their price objective on Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Benchmark reduced their target price on Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, March 14th. UBS Group decreased their target price on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Finally, Piper Sandler reissued an "overweight" rating and issued a $55.00 price target (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $56.92.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.