Federated Hermes Inc. Purchases 63,897 Shares of Semtech Corporation (NASDAQ:SMTC)

Key Points

• Federated Hermes Inc. increased its holdings in Semtech Corporation by 50.8%, acquiring an additional 63,897 shares during the 1st quarter, bringing their total to 189,745 shares, valued at approximately $6.5 million.
• Semtech recently reported earnings of $0.31 per share, surpassing analysts' expectations of $0.21, with a 21.8% increase in revenue compared to the same quarter last year.
• Research firms have generally adopted a "buy" rating for Semtech, with an average target price estimated at $59.58, despite fluctuations in individual price objectives.

Federated Hermes Inc. raised its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 50.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 189,745 shares of the semiconductor company's stock after buying an additional 63,897 shares during the quarter. Federated Hermes Inc. owned about 0.22% of Semtech worth $6,527,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Dunhill Financial LLC bought a new stake in shares of Semtech during the 4th quarter valued at $31,000. NBC Securities Inc. raised its stake in shares of Semtech by 104,700.0% during the 1st quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock valued at $36,000 after purchasing an additional 1,047 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Semtech during the 4th quarter valued at $52,000. Versant Capital Management Inc raised its stake in shares of Semtech by 58.5% during the 1st quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock valued at $52,000 after purchasing an additional 553 shares during the period. Finally, Archer Investment Corp bought a new stake in shares of Semtech during the 1st quarter valued at $64,000.

Semtech Price Performance

SMTC opened at $50.14 on Monday. The stock has a 50-day moving average price of $44.72 and a 200-day moving average price of $41.65. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. The company has a current ratio of 2.53, a quick ratio of 1.81 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $4.34 billion, a P/E ratio of -24.34 and a beta of 1.94.

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

Insider Transactions at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of the company's 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 directly owned 105,996 shares in the company, valued at approximately $4,555,708.08. This represents a 1.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Lin sold 999 shares of the company'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 owned 17,211 shares of the company's stock, valued at $754,530.24. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SMTC. UBS Group decreased their price objective on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. Stifel Nicolaus boosted their price objective on Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Morgan Stanley set a $43.00 target price on Semtech in a research note on Wednesday, May 28th. Finally, Benchmark restated a "buy" rating and issued a $68.00 target price on shares of Semtech in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average 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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