Semtech Corporation (NASDAQ:SMTC) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 58.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,581 shares of the semiconductor company's stock after selling 214,250 shares during the quarter. New York State Common Retirement Fund owned 0.17% of Semtech worth $5,180,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock worth $713,906,000 after buying an additional 1,326,226 shares during the period. Hood River Capital Management LLC grew its position in Semtech by 1.8% during the fourth quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company's stock worth $213,385,000 after buying an additional 59,743 shares during the period. 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 during the period. Wellington Management Group LLP grew its position in Semtech by 827.0% during the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock worth $132,550,000 after buying an additional 1,911,890 shares during the period. Finally, Geode Capital Management LLC grew its position in Semtech by 12.2% during the fourth quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company's stock worth $112,317,000 after buying an additional 197,732 shares during the period.

Insider Activity at Semtech

In related news, COO Asaf Silberstein sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the transaction, the chief operating officer owned 105,996 shares of the company's stock, valued at approximately $4,555,708.08. This represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Lin sold 999 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total transaction of $43,796.16. Following the completion of the sale, the chief financial officer directly owned 17,211 shares of the company's stock, valued at $754,530.24. The trade was a 5.49% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SMTC shares. Morgan Stanley set a $43.00 target price on shares of Semtech in a research report on Wednesday, May 28th. UBS Group reduced their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Benchmark reaffirmed a "buy" rating and issued a $68.00 price target on shares of Semtech in a report on Wednesday, May 28th. Stifel Nicolaus upped their price target on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $54.00 price target 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 assigned a buy rating to the company. According to MarketBeat, Semtech presently has an average rating of "Moderate Buy" and an average price target of $59.58.

Semtech Trading Down 0.6%

Shares of SMTC traded down $0.31 on Friday, hitting $52.22. 65,222 shares of the stock traded hands, compared to its average volume of 2,487,117. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $4.52 billion, a P/E ratio of -25.38 and a beta of 1.92. The stock's 50 day moving average is $43.07 and its two-hundred day moving average is $42.61. Semtech Corporation has a 1 year low of $24.05 and a 1 year high of $79.52.

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

About Semtech

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.