Intech Investment Management LLC Acquires 28,812 Shares of 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 increased its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 72.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,497 shares of the semiconductor company's stock after purchasing an additional 28,812 shares during the period. Intech Investment Management LLC owned 0.08% of Semtech worth $2,356,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its holdings in Semtech by 33.4% during 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. NBC Securities Inc. raised its position in Semtech by 104,700.0% during the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock valued at $36,000 after acquiring an additional 1,047 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Semtech by 58.5% in the first 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 in the last quarter. Archer Investment Corp purchased a new stake in shares of Semtech in the first quarter valued at approximately $64,000. Finally, Jones Financial Companies Lllp boosted its stake in shares of Semtech by 12,214.3% in the first quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company's stock worth $89,000 after acquiring an additional 2,565 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have weighed in on SMTC. Needham & Company LLC boosted their price objective on Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler upped their target price on Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Benchmark upped their target price on Semtech from $68.00 to $76.00 and gave the company a "buy" rating in a research report on Tuesday, September 9th. Morgan Stanley set a $43.00 target price on Semtech in a research note on Wednesday, May 28th. Finally, Northland Securities increased their target price on Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a research note 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, Semtech has a consensus rating of "Moderate Buy" and a consensus target price of $61.08.

Insider Buying and Selling at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was 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 directly owned 105,996 shares in the company, valued at approximately $4,555,708.08. The trade was a 1.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Lin sold 999 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total value of $43,796.16. Following the sale, the chief financial officer directly owned 17,211 shares in the company, valued at approximately $754,530.24. The trade was a 5.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,499 shares of company stock worth $349,381 over the last ninety days. Company insiders own 0.48% of the company's stock.

Semtech Stock Down 0.5%

Shares of NASDAQ SMTC traded down $0.28 during midday trading on Friday, reaching $60.87. 2,617,327 shares of the company's stock were exchanged, compared to its average volume of 2,029,290. Semtech Corporation has a 52-week low of $24.05 and a 52-week high of $79.52. The stock has a market capitalization of $5.28 billion, a PE ratio of 253.63 and a beta of 1.98. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. The business's fifty day moving average price is $54.53 and its two-hundred day moving average price is $42.77.

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.