Jennison Associates LLC Acquires 242,649 Shares of Semtech Corporation $SMTC

Key Points

• Jennison Associates LLC boosted its Semtech stake by 60.5%, buying 242,649 shares to own 643,828 shares (about a 0.70% stake) valued at roughly $47.44 million per its latest 13F filing.
• Semtech slightly beat Q results with EPS $0.44 vs. $0.43 and revenue of $274.4M (up 9.3% YoY); shares traded around $105 (up ~6.9%), implying a market cap near $9.78 billion.
• Analysts have raised price targets and largely rate the stock a Buy (14 Buys, 1 Hold, 1 Sell; average target $95.71), while insiders sold 46,384 shares (~$3.92M) last quarter, leaving insiders with 0.48% ownership.

Jennison Associates LLC grew its holdings in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 60.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 643,828 shares of the semiconductor company's stock after buying an additional 242,649 shares during the period. Jennison Associates LLC owned 0.70% of Semtech worth $47,444,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Keybank National Association OH boosted its holdings in Semtech by 21.4% in the fourth quarter. Keybank National Association OH now owns 7,696 shares of the semiconductor company's stock valued at $567,000 after acquiring an additional 1,358 shares in the last quarter. Archer Investment Corp increased its position in Semtech by 7.3% during the 4th quarter. Archer Investment Corp now owns 2,683 shares of the semiconductor company's stock valued at $198,000 after purchasing an additional 182 shares during the period. M&T Bank Corp bought a new position in Semtech in the 4th quarter worth $246,000. Pictet Asset Management Holding SA lifted its position in shares of Semtech by 10.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 13,558 shares of the semiconductor company's stock worth $999,000 after purchasing an additional 1,271 shares during the period. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of Semtech by 2.4% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 21,711 shares of the semiconductor company's stock worth $1,600,000 after purchasing an additional 503 shares during the period.

Semtech Stock Up 6.9%

Shares of Semtech stock opened at $105.05 on Friday. Semtech Corporation has a 1 year low of $32.30 and a 1 year high of $113.05. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of -238.75 and a beta of 2.06. The company has a 50-day moving average of $88.30 and a 200 day moving average of $79.64. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.37 and a quick ratio of 1.66.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings data on Monday, March 16th. The semiconductor company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The business had revenue of $274.40 million for the quarter, compared to analysts' expectations of $273.14 million. During the same quarter in the prior year, the company earned $0.40 earnings per share. The business's revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Semtech Corporation will post 1.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on SMTC shares. Stifel Nicolaus boosted their price target on shares of Semtech from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Tuesday, March 17th. Robert W. Baird raised their price objective on shares of Semtech from $88.00 to $110.00 and gave the stock an "outperform" rating in a report on Tuesday, March 17th. Oppenheimer lifted their price objective on Semtech from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Tuesday, March 17th. B. Riley Financial upped their target price on Semtech from $115.00 to $122.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Finally, Needham & Company LLC increased their target price on Semtech from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, March 17th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $95.71.

Insider Activity at Semtech

In other news, CEO Hong Q. Hou sold 2,000 shares of the stock in a transaction on Friday, April 10th. The stock was sold at an average price of $90.11, for a total value of $180,220.00. Following the sale, the chief executive officer directly owned 73,228 shares of the company's stock, valued at approximately $6,598,575.08. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Asaf Silberstein sold 10,000 shares of Semtech stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $92.00, for a total value of $920,000.00. Following the completion of the transaction, the chief operating officer directly owned 68,496 shares of the company's stock, valued at approximately $6,301,632. This represents a 12.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 46,384 shares of company stock worth $3,920,140 over the last quarter. 0.48% of the stock is currently owned by company insiders.

Semtech Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company's products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech's portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.

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