Harbor Capital Advisors Inc. Acquires 174,441 Shares of Semtech Co. (NASDAQ:SMTC)

Harbor Capital Advisors Inc. lifted its holdings in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 188.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 266,836 shares of the semiconductor company's stock after buying an additional 174,441 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.31% of Semtech worth $9,179,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of Semtech by 15.8% during the fourth quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock worth $25,396,000 after buying an additional 56,108 shares during the period. Rhumbline Advisers lifted its position in Semtech by 6.1% in the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock worth $12,702,000 after purchasing an additional 11,878 shares during the period. Convergence Investment Partners LLC acquired a new stake in Semtech in the fourth quarter worth approximately $2,680,000. Stephens Inc. AR acquired a new stake in Semtech in the fourth quarter worth approximately $889,000. Finally, Essential Planning LLC. acquired a new stake in Semtech in the fourth quarter worth approximately $1,069,000.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SMTC shares. Stifel Nicolaus upped their target price on Semtech from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price target on shares of Semtech in a report on Wednesday, May 28th. Morgan Stanley set a $43.00 price target on Semtech in a report on Wednesday, May 28th. UBS Group dropped their price target on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Craig Hallum dropped their price target on Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy 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 $58.58.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the company's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the sale, the chief financial officer now directly owns 13,481 shares in the company, valued at approximately $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 accessible through this link. 0.60% of the stock is currently owned by company insiders.

Semtech Trading Down 0.5%

NASDAQ:SMTC traded down $0.22 during trading hours on Wednesday, hitting $41.94. 1,654,464 shares of the stock traded hands, compared to its average volume of 2,124,254. The firm has a 50 day moving average price of $33.42 and a 200 day moving average price of $46.55. Semtech Co. has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The firm has a market cap of $3.63 billion, a price-to-earnings ratio of -3.21, a PEG ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same period last year, the company posted ($0.06) earnings per share. The company's revenue was up 30.1% compared to the same quarter last year. Research analysts predict that Semtech Co. will post -0.02 EPS for the current year.

Semtech 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.