M&T Bank Corp Takes $1.33 Million Position in Semtech Corporation $SMTC

Key Points

• M&T Bank Corp acquired a new stake of 17,980 Semtech shares in Q4, valued at approximately $1.33 million.
• Analysts are largely bullish—14 Buys, 1 Hold and 1 Sell—with several firms raising price targets (B. Riley to $122, Benchmark to $120) and a consensus rating of Moderate Buy and a $95.71 consensus price target.
• Semtech reported a slight EPS beat ( $0.44 vs. $0.43) and 9.3% revenue growth, shares have rallied (opened at $98.29), but notable insider selling occurred recently (46,384 shares worth $3.92M in the last 90 days) and insiders now own 0.48%.

M&T Bank Corp acquired a new stake in Semtech Corporation (NASDAQ:SMTC - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 17,980 shares of the semiconductor company's stock, valued at approximately $1,325,000.

Several other institutional investors and hedge funds have also made changes to their positions in SMTC. Evergreen Capital Management LLC lifted its position in shares of Semtech by 2.3% in the 4th quarter. Evergreen Capital Management LLC now owns 5,945 shares of the semiconductor company's stock valued at $438,000 after acquiring an additional 136 shares in the last quarter. Journey Strategic Wealth LLC grew its holdings in shares of Semtech by 3.2% during the third quarter. Journey Strategic Wealth LLC now owns 5,074 shares of the semiconductor company's stock valued at $363,000 after buying an additional 159 shares in the last quarter. AlphaQuest LLC raised its position in Semtech by 42.5% during the third quarter. AlphaQuest LLC now owns 580 shares of the semiconductor company's stock valued at $41,000 after buying an additional 173 shares during the period. Jones Financial Companies Lllp raised its position in Semtech by 65.5% during the third quarter. Jones Financial Companies Lllp now owns 594 shares of the semiconductor company's stock valued at $42,000 after buying an additional 235 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in Semtech by 24.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,274 shares of the semiconductor company's stock valued at $57,000 after buying an additional 247 shares during the period.

Analyst Ratings Changes

SMTC has been the topic of several recent analyst reports. Oppenheimer upped their price target on Semtech from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Tuesday, March 17th. Weiss Ratings lowered Semtech from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Tuesday, March 24th. TD Cowen reissued a "buy" rating on shares of Semtech in a research report on Tuesday, February 24th. Benchmark upped their price target on Semtech from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, April 14th. Finally, B. Riley Financial lifted their target price on shares of Semtech from $115.00 to $122.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Fourteen equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.71.

Semtech Trading Up 4.1%

Shares of NASDAQ:SMTC opened at $98.29 on Thursday. The firm has a fifty day moving average of $87.90 and a two-hundred day moving average of $79.46. The firm has a market capitalization of $9.15 billion, a P/E ratio of -223.39 and a beta of 2.06. Semtech Corporation has a 12-month low of $29.29 and a 12-month high of $113.05. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.89.

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

Insider Buying and Selling at Semtech

In other news, CEO Hong Q. Hou sold 2,000 shares of the firm's stock in a transaction on Friday, April 10th. The shares were sold at an average price of $90.11, for a total transaction of $180,220.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jason Elliot Green sold 7,500 shares of the firm's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $81.73, for a total transaction of $612,975.00. Following the transaction, the executive vice president owned 8,811 shares in the company, valued at $720,123.03. This represents a 45.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 46,384 shares of company stock worth $3,920,140 in the last ninety days. Company insiders own 0.48% of the company's stock.

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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