Katamaran Capital LLP Sells 26,830 Shares of Semtech Corporation $SMTC

Key Points

• Katamaran Capital LLP cut its Semtech stake by 61.9% in the fourth quarter, selling 26,830 shares and ending with 16,515 shares valued at about $1.22 million.
• Semtech reported solid quarterly results, with EPS of $0.44 topping estimates and revenue of $274.4 million, up 9.3% from a year earlier.
• Despite recent insider selling, Wall Street remains broadly positive: analysts give Semtech a Moderate Buy consensus with an average price target of $95.71, while the stock recently traded around $121.81.

Katamaran Capital LLP lessened its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 61.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,515 shares of the semiconductor company's stock after selling 26,830 shares during the quarter. Katamaran Capital LLP's holdings in Semtech were worth $1,217,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Semtech by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 11,858,352 shares of the semiconductor company's stock worth $873,842,000 after acquiring an additional 298,987 shares during the period. Ameriprise Financial Inc. raised its holdings in Semtech by 3.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 7,373,744 shares of the semiconductor company's stock worth $526,861,000 after acquiring an additional 261,647 shares during the period. Capital Research Global Investors raised its holdings in Semtech by 13.9% in the 3rd quarter. Capital Research Global Investors now owns 4,691,676 shares of the semiconductor company's stock worth $335,220,000 after acquiring an additional 571,372 shares during the period. State Street Corp raised its holdings in Semtech by 1.5% in the 2nd quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company's stock worth $182,235,000 after acquiring an additional 60,788 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Semtech by 8.7% in the 3rd quarter. Alliancebernstein L.P. now owns 3,607,697 shares of the semiconductor company's stock worth $257,770,000 after acquiring an additional 289,313 shares during the period.

Semtech Stock Performance

NASDAQ:SMTC opened at $121.81 on Monday. The firm's 50-day moving average is $90.10 and its 200-day moving average is $80.82. Semtech Corporation has a 52-week low of $34.59 and a 52-week high of $127.18. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 2.37. The company has a market cap of $11.34 billion, a price-to-earnings ratio of -276.84 and a beta of 2.22.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Monday, March 16th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $274.40 million for the quarter, compared to the consensus estimate of $273.14 million. During the same quarter in the previous year, the firm posted $0.40 EPS. The business's revenue was up 9.3% compared to the same quarter last year. Equities research analysts anticipate that Semtech Corporation will post 1.6 earnings per share for the current year.

Insider Buying and Selling at Semtech

In other news, Director Martin Burvill sold 2,500 shares of Semtech stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $88.98, for a total transaction of $222,450.00. Following the sale, the director directly owned 4,409 shares in the company, valued at approximately $392,312.82. The trade was a 36.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hong Q. Hou sold 2,000 shares of Semtech stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $90.11, for a total transaction of $180,220.00. Following the sale, the chief executive officer owned 73,228 shares in the company, valued at approximately $6,598,575.08. This trade represents a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 36,384 shares of company stock worth $3,000,140 in the last 90 days. 0.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SMTC shares. Morgan Stanley lifted their target price on shares of Semtech from $75.00 to $85.00 and gave the stock an "equal weight" rating in a report on Monday, March 16th. TD Cowen reiterated a "buy" rating on shares of Semtech in a report on Tuesday, February 24th. B. Riley Financial lifted their target price on shares of Semtech from $115.00 to $122.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Robert W. Baird lifted their target price on shares of Semtech from $88.00 to $110.00 and gave the stock an "outperform" rating in a report on Tuesday, March 17th. Finally, Craig Hallum boosted their price objective on shares of Semtech from $80.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $95.71.

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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