Clearline Capital LP Purchases 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 lifted its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 9,102.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 689,071 shares of the semiconductor company's stock after buying an additional 681,583 shares during the quarter. Semtech comprises 1.4% of Clearline Capital LP's investment portfolio, making the stock its 11th largest holding. Clearline Capital LP owned 0.80% of Semtech worth $23,704,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Semtech by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company's stock worth $402,560,000 after purchasing an additional 159,770 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Semtech by 15.8% in the 1st quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company's stock worth $221,737,000 after purchasing an additional 877,422 shares during the last quarter. Whale Rock Capital Management LLC lifted its holdings in 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 worth $202,015,000 after purchasing an additional 2,562,602 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Semtech by 7.9% in the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company's stock worth $79,575,000 after purchasing an additional 170,132 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Semtech by 74.0% in the 1st quarter. Invesco Ltd. now owns 1,800,174 shares of the semiconductor company's stock worth $61,926,000 after purchasing an additional 765,558 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Needham & Company LLC boosted their target price on Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Stifel Nicolaus boosted their target price on Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Benchmark upped their price target on Semtech from $68.00 to $76.00 and gave the stock a "buy" rating in a report on Tuesday. Morgan Stanley set a $43.00 price target on Semtech in a report on Wednesday, May 28th. Finally, Piper Sandler upped their price target on Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $61.08.

Semtech Stock Performance

Shares of SMTC stock traded down $0.61 during trading hours on Friday, reaching $60.30. 1,285,422 shares of the company's stock were exchanged, compared to its average volume of 2,374,720. Semtech Corporation has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The stock has a market capitalization of $5.23 billion, a P/E ratio of 251.25 and a beta of 1.98. The business has a fifty day moving average price of $52.69 and a 200-day moving average price of $41.74. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94.

Insider Buying and Selling

In other news, CFO Mark Lin sold 999 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 in the company, valued at approximately $754,530.24. The trade was a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the business's 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 sale, the chief operating officer owned 105,996 shares in the company, valued at approximately $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. Insiders own 0.48% of the company's stock.

Semtech Company Profile

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.