Semtech Corporation $SMTC Shares Purchased by Harbor Capital Advisors Inc.

Key Points

• Harbor Capital Advisors Inc. increased its stake in Semtech Corporation by 13.0%, acquiring an additional 34,623 shares during the second quarter, bringing their total ownership to 301,459 shares.
• Numerous institutional investors have modified their holdings in Semtech, with Vanguard Group Inc. and Ameriprise Financial Inc. significantly increasing their positions earlier in the year.
• Analysts have a consensus rating of "Moderate Buy" for Semtech, with several raising their price targets, the highest being $76.00 from Benchmark.

Harbor Capital Advisors Inc. raised its stake in Semtech Corporation (NASDAQ:SMTC - Free Report) by 13.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 301,459 shares of the semiconductor company's stock after purchasing an additional 34,623 shares during the period. Harbor Capital Advisors Inc. owned 0.35% of Semtech worth $13,608,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Rhumbline Advisers lifted its holdings in Semtech by 3.5% in the first quarter. Rhumbline Advisers now owns 212,584 shares of the semiconductor company's stock valued at $7,313,000 after acquiring an additional 7,221 shares during the period. Strs Ohio acquired a new position in Semtech during the 1st quarter worth approximately $65,000. Geneos Wealth Management Inc. acquired a new position in Semtech during the 1st quarter worth approximately $376,000. Intech Investment Management LLC raised its position in shares of Semtech by 72.6% in the 1st quarter. Intech Investment Management LLC now owns 68,497 shares of the semiconductor company's stock valued at $2,356,000 after purchasing an additional 28,812 shares in the last quarter. Finally, Bayforest Capital Ltd raised its position in shares of Semtech by 149.7% in the 1st quarter. Bayforest Capital Ltd now owns 12,613 shares of the semiconductor company's stock valued at $434,000 after purchasing an additional 7,562 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SMTC. Craig Hallum upped their price objective on Semtech from $55.00 to $62.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Northland Securities upped their target price on Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Benchmark increased their price objective on Semtech from $68.00 to $76.00 and gave the stock a "buy" rating in a research note on Tuesday, September 9th. Needham & Company LLC upped their target price on Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Finally, Piper Sandler increased their price objective on Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Semtech has a consensus rating of "Moderate Buy" and an average target price of $61.08.

Insiders Place Their Bets

In other news, Director Martin Burvill sold 3,500 shares of the business's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $62.75, for a total value of $219,625.00. Following the sale, the director directly owned 6,909 shares in the company, valued at $433,539.75. The trade was a 33.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 999 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total transaction of $43,796.16. Following the transaction, the chief financial officer owned 17,211 shares in the company, 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. In the last quarter, insiders sold 6,499 shares of company stock valued at $349,381. Company insiders own 0.48% of the company's stock.

Semtech Trading Down 0.5%

Shares of Semtech stock traded down $0.28 during trading on Friday, reaching $60.87. 2,617,327 shares of the stock were exchanged, compared to its average volume of 2,029,290. Semtech Corporation has a 1 year low of $24.05 and a 1 year high of $79.52. The firm has a market cap of $5.28 billion, a price-to-earnings ratio of 253.63 and a beta of 1.98. The stock's fifty day moving average is $54.53 and its 200 day moving average is $42.77. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94.

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.