Clearline Capital LP Buys 681,583 Shares of Semtech Corporation $SMTC

Key Points

• Clearline Capital LP significantly increased its stake in Semtech Corporation by 9,102.3%, acquiring an additional 681,583 shares, bringing their total ownership to 689,071 shares.
• Multiple large investors have also increased their holdings in Semtech, including Smartleaf Asset Management LLC and Jones Financial Companies Lllp, indicating growing institutional interest in the stock.
• Analysts have a generally positive outlook on Semtech, with a consensus rating of "Moderate Buy" and a target price of $60.42 as per recent assessments from various equity research firms.

Clearline Capital LP grew its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 9,102.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 689,071 shares of the semiconductor company's stock after acquiring an additional 681,583 shares during the period. Semtech accounts for 1.4% of Clearline Capital LP's investment portfolio, making the stock its 11th biggest holding. Clearline Capital LP owned 0.80% of Semtech worth $23,704,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of SMTC. Raymond James Financial Inc. purchased a new position in shares of Semtech during the 4th quarter valued at $360,000. Dimensional Fund Advisors LP boosted its holdings in Semtech by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 17,571 shares of the semiconductor company's stock worth $1,087,000 after purchasing an additional 1,813 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Semtech by 471.3% in the fourth quarter. BNP Paribas Financial Markets now owns 204,159 shares of the semiconductor company's stock worth $12,627,000 after purchasing an additional 168,426 shares in the last quarter. Captrust Financial Advisors boosted its holdings in Semtech by 288.9% in the fourth quarter. Captrust Financial Advisors now owns 28,405 shares of the semiconductor company's stock worth $1,757,000 after purchasing an additional 21,102 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Semtech by 12.9% in the fourth quarter. Cetera Investment Advisers now owns 5,226 shares of the semiconductor company's stock worth $323,000 after purchasing an additional 599 shares in the last quarter.

Semtech Price Performance

NASDAQ:SMTC traded down $0.61 during mid-day trading on Friday, hitting $60.30. The company's stock had a trading volume of 1,396,643 shares, compared to its average volume of 1,921,866. Semtech Corporation has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 251.25 and a beta of 1.98. The stock has a fifty day moving average of $53.00 and a 200-day moving average of $41.90.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SMTC shares. Needham & Company LLC upped their price objective on shares of Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Stifel Nicolaus upped 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. Piper Sandler upped their price target on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Morgan Stanley set a $43.00 price target on shares of Semtech in a report on Wednesday, May 28th. Finally, Craig Hallum upped their price target on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.08.

Insider Activity

In other Semtech news, CFO Mark Lin sold 999 shares of the company's 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 sale, the chief financial officer directly owned 17,211 shares of the company's stock, valued at approximately $754,530.24. This represents a 5.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Asaf Silberstein sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following 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 disclosure for this sale can be found here. Corporate insiders own 0.48% 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.