Nordea Investment Management AB Invests $4.23 Million in Semtech Corporation $SMTC

Key Points

• Nordea Investment Management AB invested $4.23 million in Semtech Corporation, acquiring approximately 94,583 shares, representing a 0.11% ownership stake, as disclosed in their SEC filing.
• Multiple institutional investors, including Vanguard Group Inc. and Invesco Ltd., have recently increased their stakes in Semtech, reflecting positive market sentiment around the semiconductor company.
• Several analysts have upgraded Semtech's stock rating, with Oppenheimer raising it to "outperform" and setting a price target of $81.00, indicating strong confidence in the company's future performance.

Nordea Investment Management AB acquired a new position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 94,583 shares of the semiconductor company's stock, valued at approximately $4,230,000. Nordea Investment Management AB owned 0.11% of Semtech as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Semtech by 1.4% in the first quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company's stock valued at $402,560,000 after buying an additional 159,770 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Semtech by 15.8% in the first quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company's stock valued at $221,737,000 after buying an additional 877,422 shares during the period. Wellington Management Group LLP boosted its stake in shares of Semtech by 7.9% in the first quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company's stock valued at $79,575,000 after buying an additional 170,132 shares during the period. Invesco Ltd. boosted its stake in shares of Semtech by 74.0% in the first quarter. Invesco Ltd. now owns 1,800,174 shares of the semiconductor company's stock valued at $61,926,000 after buying an additional 765,558 shares during the period. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Semtech in the first quarter valued at approximately $45,489,000.

Analyst Upgrades and Downgrades

SMTC has been the subject of several recent research reports. Oppenheimer upgraded Semtech from a "market perform" rating to an "outperform" rating and set a $81.00 price target for the company in a research note on Tuesday, September 30th. Wall Street Zen upgraded Semtech from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Cowen initiated coverage on Semtech in a research note on Tuesday, September 30th. They issued a "buy" rating for the company. Craig Hallum boosted their price target on Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Finally, TD Cowen started coverage on shares of Semtech in a research report on Wednesday, October 1st. They set a "buy" rating and a $75.00 price objective for the company. Fourteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $65.36.

Semtech Stock Down 1.2%

Shares of NASDAQ:SMTC opened at $67.74 on Wednesday. The company has a fifty day moving average of $61.59 and a 200-day moving average of $47.62. The company has a market capitalization of $5.88 billion, a PE ratio of 282.25 and a beta of 2.01. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. Semtech Corporation has a 52-week low of $24.05 and a 52-week high of $79.52.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 971 shares of the company's stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $72.83, for a total transaction of $70,717.93. Following the completion of the transaction, the chief financial officer directly owned 17,844 shares in the company, valued at approximately $1,299,578.52. This represents a 5.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Martin Burvill sold 3,500 shares of the company's stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total transaction of $219,625.00. Following the transaction, the director owned 6,909 shares of the company's stock, valued at $433,539.75. This trade represents a 33.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.