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 Semtech Corporation (NASDAQ:SMTC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,934 shares of the semiconductor company's stock, valued at approximately $376,000.

A number of other hedge funds also recently made changes to their positions in SMTC. Intech Investment Management LLC lifted its holdings 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 worth $2,356,000 after acquiring an additional 28,812 shares during the last quarter. Bayforest Capital Ltd lifted its holdings in shares of Semtech by 149.7% during the 1st quarter. Bayforest Capital Ltd now owns 12,613 shares of the semiconductor company's stock worth $434,000 after acquiring an additional 7,562 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Semtech by 5.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 411,814 shares of the semiconductor company's stock worth $14,166,000 after acquiring an additional 22,629 shares during the last quarter. Optimize Financial Inc bought a new stake in shares of Semtech during the 1st quarter worth $1,804,000. Finally, Woodline Partners LP bought a new stake in shares of Semtech during the 1st quarter worth $16,595,000.

Insider Transactions at Semtech

In other Semtech news, CFO Mark Lin sold 999 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total value of $43,796.16. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SMTC. Benchmark lifted their price objective on shares of Semtech from $68.00 to $76.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Northland Securities lifted their price objective on shares of Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Needham & Company LLC lifted their price objective on shares of Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Piper Sandler lifted their price objective on shares of Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Finally, Morgan Stanley set a $43.00 target price on shares of Semtech in a research report on Wednesday, May 28th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold 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 $61.08.

Semtech Price Performance

SMTC stock opened at $60.30 on Monday. The firm's 50-day moving average price is $53.00 and its two-hundred day moving average price is $41.97. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 251.25 and a beta of 1.98. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94.

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.

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