Danske Bank A S Sells 12,723 Shares of Semtech Corporation $SMTC

Key Points

• Danske Bank A S sharply reduced its Semtech stake in the fourth quarter, selling 12,723 shares and cutting its position by 95.5% to just 600 shares valued at about $44,000.
• Semtech reported better-than-expected quarterly results, with EPS of $0.44 versus the $0.43 estimate and revenue of $274.4 million, up 9.3% year over year.
• Analysts remain constructive on SMTC, with several firms raising price targets; the stock has a consensus rating of “Moderate Buy” and an average target price of $95.71.

Danske Bank A S trimmed its holdings in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 95.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 600 shares of the semiconductor company's stock after selling 12,723 shares during the period. Danske Bank A S's holdings in Semtech were worth $44,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SMTC. Hantz Financial Services Inc. boosted its position in Semtech by 243.2% during the third quarter. Hantz Financial Services Inc. now owns 508 shares of the semiconductor company's stock valued at $36,000 after purchasing an additional 360 shares during the last quarter. AlphaQuest LLC increased its position in shares of Semtech by 42.5% during the 3rd quarter. AlphaQuest LLC now owns 580 shares of the semiconductor company's stock worth $41,000 after purchasing an additional 173 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Semtech by 65.5% during the 3rd quarter. Jones Financial Companies Lllp now owns 594 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 235 shares in the last quarter. Assetmark Inc. raised its stake in shares of Semtech by 1,745.5% during the 3rd quarter. Assetmark Inc. now owns 609 shares of the semiconductor company's stock worth $44,000 after purchasing an additional 576 shares in the last quarter. Finally, Huntington National Bank boosted its holdings in shares of Semtech by 151.3% in the 3rd quarter. Huntington National Bank now owns 749 shares of the semiconductor company's stock valued at $54,000 after buying an additional 451 shares during the last quarter.

Semtech Stock Up 0.3%

Semtech stock opened at $121.81 on Friday. The stock has a market cap of $11.34 billion, a P/E ratio of -276.84 and a beta of 2.22. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.89. Semtech Corporation has a twelve month low of $34.59 and a twelve month high of $127.18. The company's 50-day moving average price is $90.10 and its two-hundred day moving average price is $80.82.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings data on Monday, March 16th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. Semtech had a positive return on equity of 18.09% and a negative net margin of 3.86%.The company had revenue of $274.40 million during the quarter, compared to analysts' expectations of $273.14 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The business's revenue was up 9.3% on a year-over-year basis. As a group, analysts expect that Semtech Corporation will post 1.6 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SMTC. Benchmark boosted their target price on shares of Semtech from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. Stifel Nicolaus increased their price target on shares of Semtech from $90.00 to $98.00 and gave the company a "buy" rating in a research note on Tuesday, March 17th. B. Riley Financial lifted their price objective on shares of Semtech from $115.00 to $122.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Oppenheimer boosted their price objective on shares of Semtech from $100.00 to $110.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 17th. Finally, Susquehanna raised their target price on shares of Semtech from $90.00 to $100.00 and gave the company a "positive" rating in a research note on Monday, March 9th. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $95.71.

Insiders Place Their Bets

In other Semtech news, Director Martin Burvill sold 2,500 shares of the company's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $88.98, for a total value of $222,450.00. Following the transaction, the director directly owned 4,409 shares of the company's stock, valued at $392,312.82. This represents a 36.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Paul V. Walsh, Jr. sold 500 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $105.93, for a total value of $52,965.00. Following the transaction, the director owned 23,779 shares in the company, valued at $2,518,909.47. The trade was a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 46,384 shares of company stock worth $3,920,140 over the last three months. 0.48% of the stock is currently owned by corporate insiders.

About Semtech

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company's products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech's portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.

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