Man Group plc Makes New Investment in Semtech Co. (NASDAQ:SMTC)

Man Group plc acquired a new position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 78,873 shares of the semiconductor company's stock, valued at approximately $4,878,000. Man Group plc owned about 0.10% of Semtech at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Semtech by 13.0% during the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock worth $713,906,000 after purchasing an additional 1,326,226 shares during the last quarter. Hood River Capital Management LLC grew its stake in Semtech by 1.8% in the 4th quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company's stock worth $213,385,000 after acquiring an additional 59,743 shares during the period. Wellington Management Group LLP grew its stake in Semtech by 827.0% in the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock worth $132,550,000 after acquiring an additional 1,911,890 shares during the period. Geode Capital Management LLC grew its stake in Semtech by 12.2% in the 4th quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company's stock worth $112,317,000 after acquiring an additional 197,732 shares during the period. Finally, Fred Alger Management LLC grew its stake in Semtech by 122.6% in the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company's stock worth $92,271,000 after acquiring an additional 821,671 shares during the period.

Semtech Stock Down 1.3%

Shares of NASDAQ SMTC traded down $0.51 during trading on Friday, hitting $37.28. 1,648,274 shares of the company traded hands, compared to its average volume of 2,147,599. Semtech Co. has a 1 year low of $24.05 and a 1 year high of $79.52. The company has a 50-day moving average price of $33.24 and a 200-day moving average price of $47.52. The firm has a market capitalization of $3.23 billion, a P/E ratio of -2.86, a P/E/G ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analysts' expectations of $249.40 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. The firm's quarterly revenue was up 30.1% on a year-over-year basis. Research analysts predict that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark Lin sold 2,907 shares of the company's stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the sale, the chief financial officer now directly owns 13,481 shares of the company's stock, valued at approximately $508,368.51. This represents a 17.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have commented on SMTC. Robert W. Baird lowered their target price on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Morgan Stanley began coverage on shares of Semtech in a research note on Monday, April 7th. They issued an "equal weight" rating and a $30.00 target price for the company. Benchmark lowered their target price on shares of Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, Craig Hallum lowered their target price on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $57.50.

Semtech Company Profile

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.