Geneos Wealth Management Inc. Purchases Shares of 10,934 Semtech Corporation $SMTC

Key Points

• Geneos Wealth Management Inc. acquired 10,934 shares of Semtech Corporation in the 1st quarter, valued at approximately $376,000, showing growing interest in the semiconductor stock.
• Multiple hedge funds have significantly increased their holdings in Semtech during the same period, indicating a bullish sentiment towards the company's prospects.
• Wall Street analysts have raised their price targets for Semtech, with the average target price increasing to $61.08, reflecting a general consensus for a "Moderate Buy" rating.

Geneos Wealth Management Inc. purchased a new stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 10,934 shares of the semiconductor company's stock, valued at approximately $376,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Intech Investment Management LLC boosted its position in shares of Semtech by 72.6% during the 1st quarter. Intech Investment Management LLC now owns 68,497 shares of the semiconductor company's stock valued at $2,356,000 after acquiring an additional 28,812 shares during the last quarter. Bayforest Capital Ltd lifted its position in Semtech by 149.7% in the first quarter. Bayforest Capital Ltd now owns 12,613 shares of the semiconductor company's stock valued at $434,000 after buying an additional 7,562 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Semtech by 5.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 411,814 shares of the semiconductor company's stock valued at $14,166,000 after buying an additional 22,629 shares during the last quarter. Optimize Financial Inc acquired a new position in Semtech in the first quarter valued at about $1,804,000. Finally, Woodline Partners LP acquired a new position in Semtech in the first quarter valued at about $16,595,000.

Semtech Stock Down 0.5%

Shares of SMTC traded down $0.28 during mid-day trading on Friday, hitting $60.87. 2,617,327 shares of the company's stock were exchanged, compared to its average volume of 2,029,290. The company has a market cap of $5.28 billion, a price-to-earnings ratio of 253.63 and a beta of 1.98. Semtech Corporation has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. The stock's 50-day moving average is $54.53 and its 200-day moving average is $42.77.

Insider Buying and Selling

In related news, CFO Mark Lin sold 999 shares of the company's stock in a transaction that occurred 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 directly owned 17,211 shares in the company, valued at approximately $754,530.24. This represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was 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 $4,555,708.08. The trade was a 1.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,499 shares of company stock worth $349,381. Company insiders own 0.48% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Piper Sandler upped their target price on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Morgan Stanley set a $43.00 target price on shares of Semtech in a research report on Wednesday, May 28th. Benchmark upped their target price on shares of Semtech from $68.00 to $76.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Craig Hallum upped their target price on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Finally, Needham & Company LLC upped their target price on shares of Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.08.

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.