Semtech Corporation $SMTC Shares Acquired by Granahan Investment Management LLC

Key Points

• Granahan Investment Management LLC increased its stake in Semtech Corporation by 108.5% in Q1, holding over 954,000 shares, making it the firm's 16th largest holding.
• Several hedge funds have also significantly increased their positions in Semtech, notably Whale Rock Capital Management, which raised its holdings by 364.2% during the fourth quarter.
• Semtech's stock received multiple target price upgrades from analysts, with Needham & Company raising its price objective to $60.00 and Piper Sandler to $65.00, suggesting strong market confidence in the company's performance.

Granahan Investment Management LLC grew its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 108.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 954,921 shares of the semiconductor company's stock after buying an additional 496,846 shares during the period. Semtech accounts for approximately 1.6% of Granahan Investment Management LLC's investment portfolio, making the stock its 16th largest position. Granahan Investment Management LLC owned 1.10% of Semtech worth $32,849,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC grew its stake in shares of Semtech by 33.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock valued at $36,000 after buying an additional 257 shares during the period. Dunhill Financial LLC purchased a new stake in shares of Semtech in the 4th quarter valued at approximately $31,000. Versant Capital Management Inc grew its stake in shares of Semtech by 58.5% in the 1st quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock valued at $52,000 after buying an additional 553 shares during the period. KBC Group NV grew its stake in shares of Semtech by 16.8% in the 1st quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock valued at $140,000 after buying an additional 586 shares during the period. Finally, Cetera Investment Advisers grew its stake in shares of Semtech by 12.9% in the 4th quarter. Cetera Investment Advisers now owns 5,226 shares of the semiconductor company's stock valued at $323,000 after buying an additional 599 shares during the period.

Insiders Place Their Bets

In related news, CFO Mark Lin sold 999 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total value of $43,796.16. Following the completion of the sale, the chief financial officer directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Asaf Silberstein sold 2,000 shares of the company'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 sale, the chief operating officer directly owned 105,996 shares of the company's stock, 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. 0.48% of the stock is owned by insiders.

Semtech Stock Performance

SMTC traded up $0.91 on Wednesday, reaching $62.49. The company had a trading volume of 566,837 shares, compared to its average volume of 2,381,357. Semtech Corporation has a 1 year low of $24.05 and a 1 year high of $79.52. The stock has a market capitalization of $5.42 billion, a PE ratio of 260.58 and a beta of 1.98. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. The stock has a 50-day moving average price of $52.02 and a 200-day moving average price of $41.43.

Analyst Ratings Changes

Several research firms have recently weighed in on SMTC. Needham & Company LLC increased their price target on shares of Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler increased their price objective on shares of Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Benchmark increased their price objective on shares of Semtech from $68.00 to $76.00 and gave the stock a "buy" rating in a research report on Tuesday. Morgan Stanley set a $43.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Finally, Northland Securities increased their price objective on shares of Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 26th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.