Edgestream Partners L.P. Trims Stake in Semtech Corporation $SMTC

Key Points

• Edgestream Partners cut its Semtech stake by 46.3% in the first quarter, selling 18,135 shares and retaining 21,015 shares valued at approximately $1.62 million.
• Other institutional investors generally increased their holdings, while Semtech insiders sold 22,234 shares worth about $3.2 million over the past 90 days under pre-arranged trading plans.
• Analysts remain broadly bullish, with an average “Moderate Buy” rating and a $189.07 price target. Semtech recently beat quarterly earnings and revenue estimates, reporting $0.51 EPS and $291.02 million in revenue, up 15.9% year over year.

Edgestream Partners L.P. lessened its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 46.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,015 shares of the semiconductor company's stock after selling 18,135 shares during the quarter. Edgestream Partners L.P.'s holdings in Semtech were worth $1,616,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Janus Henderson Group PLC lifted its position in shares of Semtech by 10.2% in the first quarter. Janus Henderson Group PLC now owns 61,443 shares of the semiconductor company's stock valued at $4,723,000 after acquiring an additional 5,699 shares in the last quarter. California State Teachers Retirement System increased its position in Semtech by 24.8% during the 1st quarter. California State Teachers Retirement System now owns 102,818 shares of the semiconductor company's stock worth $7,906,000 after purchasing an additional 20,408 shares in the last quarter. Quantinno Capital Management LP raised its stake in Semtech by 53.1% in the 1st quarter. Quantinno Capital Management LP now owns 14,342 shares of the semiconductor company's stock valued at $1,103,000 after purchasing an additional 4,973 shares during the last quarter. Castleark Management LLC raised its stake in Semtech by 4.7% in the 1st quarter. Castleark Management LLC now owns 107,758 shares of the semiconductor company's stock valued at $8,286,000 after purchasing an additional 4,800 shares during the last quarter. Finally, ABS Direct Equity Fund LLC purchased a new position in Semtech in the 1st quarter valued at about $85,000.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 970 shares of the business's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $150.41, for a total transaction of $145,897.70. Following the completion of the sale, the chief financial officer owned 34,896 shares in the company, valued at approximately $5,248,707.36. The trade was a 2.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Asaf Silberstein sold 8,500 shares of Semtech stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $127.80, for a total transaction of $1,086,300.00. Following the transaction, the chief operating officer directly owned 96,862 shares in the company, valued at approximately $12,378,963.60. This trade represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 22,234 shares of company stock worth $3,203,091. 0.44% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Oppenheimer set a $200.00 price target on shares of Semtech in a report on Wednesday, May 27th. TD Cowen upped their price objective on shares of Semtech from $210.00 to $215.00 and gave the company a "buy" rating in a research note on Monday, June 22nd. Mizuho set a $225.00 target price on shares of Semtech in a research report on Wednesday, May 27th. UBS Group lifted their target price on shares of Semtech from $165.00 to $225.00 and gave the stock a "buy" rating in a research note on Wednesday, May 27th. Finally, Susquehanna increased their price target on Semtech from $170.00 to $200.00 and gave the stock a "positive" rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Semtech presently has an average rating of "Moderate Buy" and an average target price of $189.07.

Semtech Stock Up 1.1%

Shares of NASDAQ SMTC opened at $119.08 on Tuesday. The stock has a market capitalization of $11.09 billion, a PE ratio of -305.33 and a beta of 2.35. The company has a quick ratio of 1.62, a current ratio of 2.37 and a debt-to-equity ratio of 0.86. The firm has a fifty day moving average of $145.41 and a 200-day moving average of $112.39. Semtech Corporation has a 52-week low of $46.02 and a 52-week high of $177.35.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.06. Semtech had a positive return on equity of 18.31% and a negative net margin of 3.05%.The business had revenue of $291.02 million for the quarter, compared to analyst estimates of $283.53 million. During the same period last year, the company posted $0.38 EPS. The business's quarterly revenue was up 15.9% on a year-over-year basis. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. On average, analysts anticipate that Semtech Corporation will post 1.81 EPS for the current year.

Semtech Profile

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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