Neuberger Berman Group LLC Acquires 10,291 Shares of Semtech Corporation (NASDAQ:SMTC)

Key Points

• Neuberger Berman Group LLC increased its stake in Semtech Corporation by 0.8%, now owning approximately 1.49% of the company valued at $44.7 million.
• Equities research analysts maintain a consensus rating of "Moderate Buy" for Semtech, with an average price target of $59.58.
• Semtech reported a 21.8% year-over-year revenue growth in its latest quarterly earnings, totaling $251.1 million, and surpassed earnings expectations with an EPS of $0.31.

Neuberger Berman Group LLC raised its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 0.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,293,264 shares of the semiconductor company's stock after buying an additional 10,291 shares during the period. Neuberger Berman Group LLC owned about 1.49% of Semtech worth $44,675,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Whale Rock Capital Management LLC grew its position in Semtech by 364.2% during the fourth quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company's stock worth $202,015,000 after buying an additional 2,562,602 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Semtech in the 1st quarter valued at $45,489,000. Alyeska Investment Group L.P. acquired a new stake in shares of Semtech in the 4th quarter valued at $51,315,000. Fred Alger Management LLC boosted its holdings in shares of Semtech by 122.6% in the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company's stock valued at $92,271,000 after purchasing an additional 821,671 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Semtech in the 1st quarter valued at $27,940,000.

Semtech Stock Down 1.4%

SMTC stock traded down $0.69 during mid-day trading on Friday, reaching $49.83. 1,198,181 shares of the company traded hands, compared to its average volume of 1,677,505. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of -24.19 and a beta of 1.94. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95. Semtech Corporation has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The firm's 50 day moving average price is $47.43 and its 200 day moving average price is $40.53.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.10. Semtech had a positive return on equity of 19.66% and a negative net margin of 12.52%. The firm had revenue of $251.10 million for the quarter, compared to the consensus estimate of $249.79 million. During the same quarter in the previous year, the business earned $0.06 EPS. The company's revenue was up 21.8% compared to the same quarter last year. As a group, equities research analysts predict that Semtech Corporation will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark Lin sold 999 shares of Semtech stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total value of $43,796.16. Following the sale, the chief financial officer owned 17,211 shares of the company's stock, valued at approximately $754,530.24. The trade was a 5.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the sale, the chief operating officer directly owned 105,996 shares in the company, valued at $4,555,708.08. This trade represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SMTC shares. Morgan Stanley set a $43.00 target price on Semtech in a report on Wednesday, May 28th. UBS Group cut their price objective on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Needham & Company LLC reissued a "buy" rating and set a $54.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Stifel Nicolaus raised their price objective on Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Benchmark reissued a "buy" rating and set a $68.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $59.58.

Semtech 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.