Semtech Corporation (NASDAQ:SMTC) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 71.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,506 shares of the semiconductor company's stock after selling 21,107 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Semtech were worth $293,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SMTC. Amalgamated Bank lifted its holdings in Semtech by 10.9% during the fourth quarter. Amalgamated Bank now owns 24,062 shares of the semiconductor company's stock worth $1,488,000 after buying an additional 2,368 shares during the period. Los Angeles Capital Management LLC purchased a new position in Semtech in the fourth quarter valued at about $515,000. Oppenheimer & Co. Inc. bought a new position in Semtech in the fourth quarter worth about $255,000. Mutual of America Capital Management LLC lifted its position in shares of Semtech by 13.2% during the fourth quarter. Mutual of America Capital Management LLC now owns 12,778 shares of the semiconductor company's stock valued at $790,000 after buying an additional 1,493 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Semtech by 129.0% in the 4th quarter. US Bancorp DE now owns 10,350 shares of the semiconductor company's stock valued at $640,000 after buying an additional 5,830 shares in the last quarter.

Insider Buying and Selling

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total value of $85,960.00. Following the completion of the transaction, the chief operating officer directly owned 105,996 shares of the company's stock, valued at approximately $4,555,708.08. The trade was a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.60% of the stock is currently owned by company insiders.

Semtech Stock Performance

Shares of NASDAQ:SMTC traded down $1.67 during trading on Tuesday, hitting $43.47. The stock had a trading volume of 2,880,960 shares, compared to its average volume of 2,582,004. The stock has a 50-day simple moving average of $37.74 and a two-hundred day simple moving average of $44.31. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -21.10 and a beta of 1.88. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. 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 (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 27th. The semiconductor company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.21 by $0.10. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. The business had revenue of $251.10 million during the quarter, compared to analysts' expectations of $249.79 million. During the same period in the previous year, the business posted $0.06 EPS. The business's quarterly revenue was up 21.8% compared to the same quarter last year. On average, equities research analysts expect that Semtech Corporation will post -0.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

SMTC has been the subject of several recent analyst reports. Morgan Stanley set a $43.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. Stifel Nicolaus upped their price target on Semtech from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Benchmark reaffirmed a "buy" rating and set a $68.00 target price on shares of Semtech in a research report on Wednesday, May 28th. Finally, UBS Group decreased their price target on Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $58.58.

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.