Paradigm Capital Management Inc. NY Makes New $6.59 Million Investment in Semtech Corporation $SMTC

Key Points

• Paradigm Capital Management Inc. acquired 191,600 shares of Semtech Corporation, valued at approximately $6.59 million, representing about 0.22% of the company's stock.
• Semtech's stock has seen significant trading activity, with various institutional investors making moves in the first quarter, including NBC Securities Inc. raising their position by over 100,000%.
• Analyst price targets for Semtech vary, with Piper Sandler increasing their target from $55 to $65, and the consensus rating currently sitting at "Moderate Buy" with an average target price of $60.42.

Paradigm Capital Management Inc. NY bought a new position in shares of 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 institutional investor bought 191,600 shares of the semiconductor company's stock, valued at approximately $6,591,000. Paradigm Capital Management Inc. NY owned approximately 0.22% of Semtech as of its most recent SEC filing.

A number of other large investors have also modified their holdings of SMTC. Principal Financial Group Inc. boosted its position in shares of Semtech by 4.2% during the 1st quarter. Principal Financial Group Inc. now owns 427,958 shares of the semiconductor company's stock valued at $14,722,000 after acquiring an additional 17,345 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Semtech by 168.1% during the 1st quarter. Deutsche Bank AG now owns 1,210,078 shares of the semiconductor company's stock valued at $41,627,000 after acquiring an additional 758,642 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Semtech by 7.9% during the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company's stock valued at $79,575,000 after acquiring an additional 170,132 shares during the last quarter. KBC Group NV boosted its position in shares of Semtech by 16.8% during the 1st quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock valued at $140,000 after acquiring an additional 586 shares during the last quarter. Finally, Fortress Investment Group LLC acquired a new position in shares of Semtech during the 4th quarter valued at about $1,225,000.

Insider Buying and Selling

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the business's stock in a transaction 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Lin sold 999 shares of the firm's 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 owned 17,211 shares of the company's stock, valued at $754,530.24. This trade represents a 5.49% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

SMTC has been the subject of a number of recent analyst reports. Benchmark reiterated a "buy" rating and set a $68.00 price target on shares of Semtech in a research report on Tuesday, August 26th. Needham & Company LLC increased their price target on shares of Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Northland Securities raised their target price on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Morgan Stanley set a $43.00 price target on shares of Semtech in a report on Wednesday, May 28th. Finally, Stifel Nicolaus boosted their price target on shares of Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $60.42.

Semtech Stock Performance

Shares of SMTC traded up $1.97 during mid-day trading on Thursday, reaching $59.90. 1,333,241 shares of the company's stock were exchanged, compared to its average volume of 2,410,158. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.53 and a quick ratio of 1.81. The stock has a market capitalization of $5.20 billion, a PE ratio of 249.58 and a beta of 1.98. The business's fifty day simple moving average is $50.75 and its 200-day simple moving average is $40.77. Semtech Corporation has a 52-week low of $24.05 and a 52-week high of $79.52.

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.