Legato Capital Management LLC Buys 12,759 Shares of Semtech Corporation $SMTC

Key Points

• Legato Capital Management increased its Semtech stake by 48.9% in the fourth quarter, buying 12,759 additional shares and bringing its total holding to 38,835 shares worth about $2.86 million.
• Wall Street sentiment on Semtech remains constructive, with multiple analysts raising price targets; the stock now carries an average rating of Moderate Buy and an average target price of $113.50.
• Semtech reported quarterly earnings of $0.44 per share, slightly ahead of estimates, on revenue of $274.4 million, while several insiders have recently sold shares, including directors Paul V. Walsh, Jr. and Martin Burvill.

Legato Capital Management LLC increased its stake in Semtech Corporation (NASDAQ:SMTC - Free Report) by 48.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,835 shares of the semiconductor company's stock after purchasing an additional 12,759 shares during the period. Legato Capital Management LLC's holdings in Semtech were worth $2,862,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SMTC. New York State Common Retirement Fund boosted its stake in Semtech by 55.7% in the third quarter. New York State Common Retirement Fund now owns 277,661 shares of the semiconductor company's stock worth $19,839,000 after buying an additional 99,335 shares in the last quarter. Lisanti Capital Growth LLC purchased a new stake in Semtech in the third quarter worth approximately $4,318,000. Argos Wealth Advisors LLC purchased a new stake in Semtech in the fourth quarter worth approximately $640,000. Hodges Capital Management Inc. purchased a new stake in Semtech in the third quarter worth approximately $4,624,000. Finally, Atreides Management LP boosted its stake in Semtech by 2.4% in the third quarter. Atreides Management LP now owns 678,133 shares of the semiconductor company's stock worth $48,453,000 after buying an additional 16,192 shares in the last quarter.

Analysts Set New Price Targets

SMTC has been the subject of several research reports. Morgan Stanley upped their target price on Semtech from $75.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Monday, March 16th. Needham & Company LLC increased their price objective on Semtech from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, March 17th. Craig Hallum increased their price objective on Semtech from $80.00 to $105.00 and gave the company a "buy" rating in a research note on Tuesday, March 17th. Stifel Nicolaus set a $157.00 price objective on Semtech in a research note on Thursday. Finally, UBS Group increased their price objective on Semtech from $105.00 to $165.00 and gave the company a "buy" rating in a research note on Monday. Fourteen 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $113.50.

Insiders Place Their Bets

In related news, Director Paul V. Walsh, Jr. sold 500 shares of Semtech stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $138.21, for a total value of $69,105.00. Following the sale, the director owned 23,279 shares in the company, valued at $3,217,390.59. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Martin Burvill sold 2,500 shares of Semtech stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $88.98, for a total transaction of $222,450.00. Following the completion of the sale, the director owned 4,409 shares in the company, valued at approximately $392,312.82. This trade represents a 36.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,884 shares of company stock valued at $3,069,245 over the last quarter. 0.48% of the stock is owned by company insiders.

Semtech Stock Performance

NASDAQ:SMTC opened at $156.78 on Friday. The firm has a market cap of $14.60 billion, a PE ratio of -356.32 and a beta of 2.22. Semtech Corporation has a fifty-two week low of $34.59 and a fifty-two week high of $164.48. 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 business has a 50 day moving average price of $100.99 and a 200-day moving average price of $86.11.

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

Semtech Company 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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