GAMMA Investing LLC Has $3.57 Million Stock Position in Semtech Co. (NASDAQ:SMTC)

GAMMA Investing LLC increased its stake in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 3,177.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 103,750 shares of the semiconductor company's stock after acquiring an additional 100,584 shares during the period. GAMMA Investing LLC owned approximately 0.12% of Semtech worth $3,569,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SMTC. Principal Financial Group Inc. raised its position in shares of Semtech by 15.8% in the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock valued at $25,396,000 after purchasing an additional 56,108 shares in the last quarter. Rhumbline Advisers raised its position in shares of Semtech by 6.1% in the 4th quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock valued at $12,702,000 after purchasing an additional 11,878 shares in the last quarter. Convergence Investment Partners LLC acquired a new position in shares of Semtech in the 4th quarter valued at approximately $2,680,000. Stephens Inc. AR acquired a new position in shares of Semtech in the 4th quarter valued at approximately $889,000. Finally, Essential Planning LLC. acquired a new position in shares of Semtech in the 4th quarter valued at approximately $1,069,000.

Insider Activity

In other news, CFO Mark Lin sold 2,907 shares of the company's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the sale, the chief financial officer now directly owns 13,481 shares of the company's stock, valued at $508,368.51. This represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SMTC. Stifel Nicolaus upped their target price on Semtech from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Morgan Stanley set a $43.00 price target on Semtech in a report on Wednesday, May 28th. Benchmark reiterated a "buy" rating and issued a $68.00 price target on shares of Semtech in a report on Wednesday, May 28th. Craig Hallum lowered their price target on Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a report on Friday, March 14th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $54.00 price target on shares of Semtech in a report on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Semtech currently has an average rating of "Moderate Buy" and an average target price of $58.58.

Semtech Stock Down 6.6%

SMTC stock traded down $2.75 during trading on Friday, reaching $39.14. 1,938,104 shares of the company's stock were exchanged, compared to its average volume of 2,118,705. Semtech Co. has a 1-year low of $24.05 and a 1-year high of $79.52. The company's fifty day moving average price is $34.23 and its 200-day moving average price is $46.15. The firm has a market cap of $3.39 billion, a PE ratio of -3.00, a P/E/G ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. The company's quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) EPS. As a group, sell-side analysts expect that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

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.