Semtech Co. (NASDAQ:SMTC) Shares Acquired by Nuveen Asset Management LLC

Nuveen Asset Management LLC grew its holdings in Semtech Co. (NASDAQ:SMTC - Free Report) by 57.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 569,339 shares of the semiconductor company's stock after buying an additional 206,693 shares during the period. Nuveen Asset Management LLC owned 0.75% of Semtech worth $35,214,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hollencrest Capital Management purchased a new stake in shares of Semtech in the fourth quarter valued at about $31,000. Dunhill Financial LLC purchased a new position in Semtech during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC raised its holdings in Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 505 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Semtech during the fourth quarter worth about $52,000. Finally, AlphaQuest LLC raised its holdings in Semtech by 173.5% during the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company's stock worth $75,000 after purchasing an additional 772 shares in the last quarter.

Analyst Ratings Changes

Several research firms recently issued reports on SMTC. Benchmark cut their price target on shares of Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a report on Friday, March 14th. Robert W. Baird cut their price target on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Piper Sandler reissued an "overweight" rating and set a $55.00 price target (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Stifel Nicolaus increased their price target on shares of Semtech from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Friday. Finally, Needham & Company LLC reissued a "buy" rating and set a $54.00 price target on shares of Semtech in a report on Friday, March 14th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Semtech presently has a consensus rating of "Moderate Buy" and an average target price of $57.50.

Insider Activity

In other news, CFO Mark Lin sold 2,907 shares of the company's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the sale, the chief financial officer now directly owns 13,481 shares in the company, valued at $508,368.51. This represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.60% of the company's stock.

Semtech Stock Performance

SMTC traded down $0.51 on Friday, hitting $37.28. 1,648,274 shares of the company were exchanged, compared to its average volume of 2,147,599. The business's fifty day moving average is $33.24 and its 200 day moving average is $47.52. Semtech Co. has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The firm has a market capitalization of $3.23 billion, a P/E ratio of -2.86, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The company's quarterly revenue was up 30.1% compared to the same quarter last year. Analysts forecast that Semtech Co. will post -0.02 EPS for the current fiscal year.

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.