Panagora Asset Management Inc. Takes $1.23 Million Position in Semtech Corporation $SMTC

Key Points

• Panagora Asset Management Inc. invested approximately $1,229,000 in Semtech Corporation by acquiring 35,722 shares in the first quarter of 2023, as revealed in a recent Form 13F filing.
• Analyst ratings are bullish on Semtech, with eleven analysts rating the stock as a "Buy" and an average target price set at $60.42.
• The company's shares have shown volatility, with a twelve-month low of $24.05 and a high of $79.52, currently trading at around $57.93.

Panagora Asset Management Inc. acquired a new position in Semtech Corporation (NASDAQ:SMTC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 35,722 shares of the semiconductor company's stock, valued at approximately $1,229,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new stake in shares of Semtech during the 4th quarter valued at about $360,000. Dimensional Fund Advisors LP grew its holdings in shares of Semtech by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 17,571 shares of the semiconductor company's stock valued at $1,087,000 after purchasing an additional 1,813 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Semtech by 328.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,507 shares of the semiconductor company's stock worth $93,000 after purchasing an additional 1,155 shares during the last quarter. Northern Trust Corp boosted its position in Semtech by 26.3% during the 4th quarter. Northern Trust Corp now owns 865,472 shares of the semiconductor company's stock valued at $53,529,000 after purchasing an additional 180,098 shares during the period. Finally, Algert Global LLC acquired a new stake in Semtech in the fourth quarter worth $3,904,000.

Insiders Place Their Bets

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

Semtech Stock Up 1.3%

Shares of SMTC traded up $0.77 during trading hours on Friday, hitting $60.67. 1,368,830 shares of the company were exchanged, compared to its average volume of 2,031,998. The firm's 50 day moving average is $51.35 and its 200-day moving average is $41.11. 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. The company has a market cap of $5.26 billion, a PE ratio of 252.79 and a beta of 1.98.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Northland Securities increased their target price on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a research report on Tuesday, August 26th. 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 research report on Friday, July 18th. Piper Sandler boosted their target price on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Morgan Stanley set a $43.00 target price on Semtech in a research report on Wednesday, May 28th. Finally, Benchmark reissued a "buy" rating and issued a $68.00 price target on shares of Semtech in a research report on Tuesday, August 26th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.42.

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.