Envestnet Asset Management Inc. Sells 57,238 Shares of Semtech Corporation (NASDAQ:SMTC)

Key Points

• Envestnet Asset Management Inc. reduced its holdings in Semtech Corporation by 66.3%, selling 57,238 shares and leaving it with 29,044 shares worth around $999,000.
• Several hedge funds increased their positions in Semtech, with Whale Rock Capital Management boosting its holdings by 364.2% to over 3.2 million shares valued at $202 million.
• Semtech recently posted $0.31 earnings per share, surpassing analysts' expectations, and reported a 21.8% increase in revenue compared to the previous year.

Envestnet Asset Management Inc. decreased its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 66.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 29,044 shares of the semiconductor company's stock after selling 57,238 shares during the period. Envestnet Asset Management Inc.'s holdings in Semtech were worth $999,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in SMTC. Whale Rock Capital Management LLC boosted its holdings in Semtech by 364.2% in the fourth quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company's stock valued at $202,015,000 after acquiring an additional 2,562,602 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in Semtech in the fourth quarter valued at $51,315,000. Fred Alger Management LLC boosted its holdings in Semtech by 122.6% in the fourth quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company's stock valued at $92,271,000 after acquiring an additional 821,671 shares in the last quarter. Capital World Investors bought a new stake in Semtech in the fourth quarter valued at $37,110,000. Finally, Portolan Capital Management LLC boosted its holdings in Semtech by 609.5% in the fourth quarter. Portolan Capital Management LLC now owns 667,211 shares of the semiconductor company's stock valued at $41,267,000 after acquiring an additional 573,175 shares in the last quarter.

Insider Activity

In other news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total value of $85,960.00. Following the completion of the transaction, the chief operating officer owned 105,996 shares of the company's stock, valued at $4,555,708.08. The trade was a 1.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Lin sold 999 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total value of $43,796.16. Following the completion of the transaction, the chief financial officer directly owned 17,211 shares of the company's stock, valued at approximately $754,530.24. This trade represents a 5.49% decrease in their position. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.

Semtech Price Performance

SMTC opened at $50.14 on Friday. The stock has a 50-day moving average price of $44.72 and a 200-day moving average price of $41.84. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.53 and a quick ratio of 1.81. The firm has a market cap of $4.34 billion, a PE ratio of -24.34 and a beta of 1.94. Semtech Corporation has a 1 year low of $24.05 and a 1 year high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.10. The firm had revenue of $251.10 million during the quarter, compared to analyst estimates of $249.79 million. Semtech had a positive return on equity of 19.66% and a negative net margin of 12.52%. Semtech's quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.06 EPS. Sell-side analysts predict that Semtech Corporation will post -0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. UBS Group cut their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Benchmark reiterated a "buy" rating and issued a $68.00 price target on shares of Semtech in a report on Wednesday, May 28th. Morgan Stanley set a $43.00 price target on shares of Semtech in a report on Wednesday, May 28th. Stifel Nicolaus raised their price objective on Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Needham & Company LLC reissued a "buy" rating and set a $54.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $59.58.

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.

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