Semtech Corporation $SMTC Shares Bought by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its holdings in Semtech Corporation by 48.5%, owning 61,929 shares valued at approximately $2.13 million as of the latest SEC filing.
• Analysts maintain a positive outlook on Semtech, with eleven out of twelve research firms giving the stock a "Buy" rating and setting a consensus price target of $60.42.
• Semtech's stock has a market cap of $5.26 billion and has experienced a price range between $24.05 and $79.52 over the past year.

Cubist Systematic Strategies LLC grew its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 48.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,929 shares of the semiconductor company's stock after purchasing an additional 20,229 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.07% of Semtech worth $2,130,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Graham Capital Management L.P. boosted its stake in shares of Semtech by 349.5% during the first quarter. Graham Capital Management L.P. now owns 112,327 shares of the semiconductor company's stock valued at $3,864,000 after purchasing an additional 87,340 shares during the period. Paradigm Capital Management Inc. NY bought a new stake in shares of Semtech in the first quarter valued at about $6,591,000. Panagora Asset Management Inc. bought a new stake in shares of Semtech in the first quarter valued at about $1,229,000. Vident Advisory LLC bought a new stake in shares of Semtech in the 1st quarter valued at about $202,000. Finally, State of Wyoming bought a new stake in shares of Semtech in the 1st quarter valued at about $90,000.

Semtech Stock Down 1.0%

Shares of SMTC traded down $0.61 during mid-day trading on Friday, hitting $60.30. 1,396,643 shares of the company traded hands, compared to its average volume of 1,921,866. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. Semtech Corporation has a 1-year low of $24.05 and a 1-year high of $79.52. The company has a market capitalization of $5.23 billion, a PE ratio of 251.25 and a beta of 1.98. The business has a 50 day moving average of $53.00 and a 200 day moving average of $41.90.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 999 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total transaction of $43,796.16. Following the transaction, the chief financial officer owned 17,211 shares in the company, valued at approximately $754,530.24. This represents a 5.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the company'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 transaction of $85,960.00. Following the transaction, the chief operating officer owned 105,996 shares in the company, valued at $4,555,708.08. The trade was a 1.85% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Piper Sandler boosted 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. Northland Securities boosted their price target on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Stifel Nicolaus boosted 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. Finally, Needham & Company LLC boosted their target price on shares of Semtech from $54.00 to $60.00 and gave the stock 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 issued a Hold rating to the stock. Based on data from MarketBeat, Semtech currently has an average rating of "Moderate Buy" and an average target price of $61.08.

Semtech 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.