82,076 Shares in Semtech Corporation $SMTC Purchased by EFG Asset Management North America Corp.

Key Points

• EFG Asset Management North America Corp. acquired 82,076 shares of Semtech Corporation, valued at approximately $2,824,000, representing a 0.09% ownership stake in the company.
• Recent analyses have seen multiple firms increase their price targets for Semtech, with the highest now set at $68.00, indicating strong market confidence in the stock.
• Corporate insiders, including CFO Mark Lin and COO Asaf Silberstein, sold shares recently, indicating decreases in their positions by 5.49% and 1.85%, respectively.

EFG Asset Management North America Corp. acquired a new position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 82,076 shares of the semiconductor company's stock, valued at approximately $2,824,000. EFG Asset Management North America Corp. owned approximately 0.09% of Semtech as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMTC. Whale Rock Capital Management LLC grew its position in Semtech by 364.2% during 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 in the last quarter. Westfield Capital Management Co. LP purchased a new position in Semtech during the 1st quarter worth approximately $45,489,000. Ameriprise Financial Inc. grew its position in Semtech by 15.8% during 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 in the last quarter. Fred Alger Management LLC boosted its stake in shares of Semtech by 122.6% during the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company's stock valued at $92,271,000 after buying an additional 821,671 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Semtech during the 1st quarter valued at $27,940,000.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SMTC. Benchmark reissued a "buy" rating and set a $68.00 target price on shares of Semtech in a research note on Tuesday, August 26th. Craig Hallum lifted their target price on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler lifted their target price on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Stifel Nicolaus lifted their target price on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Northland Securities lifted their target price on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a research note on Tuesday, August 26th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Semtech has an average rating of "Moderate Buy" and an average price target of $60.42.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 999 shares of the business's stock in a transaction 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 sale, the chief financial officer owned 17,211 shares in the company, valued at approximately $754,530.24. The trade was a 5.49% decrease in their position. The sale was disclosed in a filing 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 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 sale, the chief operating officer owned 105,996 shares in the company, valued at approximately $4,555,708.08. This trade represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

Semtech Stock Up 1.3%

Shares of SMTC stock traded up $0.77 during mid-day trading on Friday, reaching $60.67. 1,368,830 shares of the company's stock traded hands, compared to its average volume of 2,031,998. Semtech Corporation has a 12 month low of $24.05 and a 12 month high of $79.52. The company has a market cap of $5.26 billion, a P/E ratio of 252.79 and a beta of 1.98. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. The company's 50-day moving average price is $51.35 and its 200-day moving average price is $41.11.

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.