Intech Investment Management LLC Raises Position in Semtech Corporation $SMTC

Key Points

• Intech Investment Management LLC raised its stake in Semtech Corporation by 72.6% in Q1, owning 68,497 shares valued at approximately $2.36 million.
• Semtech's stock price increased by 3.9%, with a current market cap of $5.43 billion and a price-to-earnings ratio of 260.96.
• Analysts have increased their price targets for Semtech, with Piper Sandler raising it to $65.00 and a consensus rating of "Moderate Buy" from 11 analysts.

Intech Investment Management LLC boosted its stake in Semtech Corporation (NASDAQ:SMTC - Free Report) by 72.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,497 shares of the semiconductor company's stock after buying an additional 28,812 shares during the period. Intech Investment Management LLC owned 0.08% of Semtech worth $2,356,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bayforest Capital Ltd increased its stake in shares of Semtech by 149.7% during the first 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Semtech by 5.8% during 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 purchasing an additional 22,629 shares in the last quarter. Optimize Financial Inc bought a new position in shares of Semtech during the first quarter valued at approximately $1,804,000. Woodline Partners LP bought a new position in shares of Semtech during the first quarter valued at approximately $16,595,000. Finally, Empowered Funds LLC increased its stake in shares of Semtech by 11.5% during the first quarter. Empowered Funds LLC now owns 9,389 shares of the semiconductor company's stock valued at $323,000 after purchasing an additional 968 shares in the last quarter.

Semtech Stock Up 3.9%

SMTC opened at $62.63 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. Semtech Corporation has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The firm's fifty day moving average is $53.40 and its 200 day moving average is $42.14. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 260.96 and a beta of 1.98.

Analyst Ratings Changes

A number of brokerages have weighed in on SMTC. Piper Sandler raised their target price on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Craig Hallum raised their price target 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. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Northland Securities lifted their target price 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. 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 assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.08.

Insiders Place Their Bets

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total value of $85,960.00. Following the sale, the chief operating officer directly owned 105,996 shares in the company, valued at approximately $4,555,708.08. The trade was a 1.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Lin sold 999 shares of Semtech stock in a transaction 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 completion of the sale, the chief financial officer 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 disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding SMTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Semtech Corporation (NASDAQ:SMTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.