PDT Partners LLC Increases Stake in Semtech Corporation $SMTC

Key Points

• PDT Partners LLC significantly increased its stake in Semtech Corporation by 62.3%, acquiring an additional 25,098 shares, and now owns approximately $2.25 million worth of the semiconductor company.
• Multiple institutional investors have raised their positions in Semtech, with Whale Rock Capital Management increasing its stake by 364.2%, now valuing at over $202 million.
• Research analysts have a generally positive outlook on Semtech, with eleven analysts rating it as a Buy and a consensus price target of $60.42.

PDT Partners LLC lifted its stake in Semtech Corporation (NASDAQ:SMTC - Free Report) by 62.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,366 shares of the semiconductor company's stock after purchasing an additional 25,098 shares during the period. PDT Partners LLC owned 0.08% of Semtech worth $2,249,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Dunhill Financial LLC acquired a new position in Semtech in the 4th quarter worth $31,000. NBC Securities Inc. raised its position in shares of Semtech by 104,700.0% in the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock valued at $36,000 after buying an additional 1,047 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Semtech by 33.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock valued at $36,000 after buying an additional 257 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Semtech by 58.5% in the first quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock valued at $52,000 after buying an additional 553 shares in the last quarter. Finally, Archer Investment Corp acquired a new stake in shares of Semtech during the 1st quarter worth approximately $64,000.

Semtech Stock Up 1.3%

SMTC traded up $0.77 during midday trading on Friday, reaching $60.67. The company's stock had a trading volume of 1,368,830 shares, compared to its average volume of 2,031,998. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 252.79 and a beta of 1.98. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94. Semtech Corporation has a 1 year low of $24.05 and a 1 year high of $79.52. The stock's 50-day moving average is $51.35 and its 200-day moving average is $41.11.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SMTC shares. Craig Hallum lifted their price target on shares of Semtech from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. 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. Piper Sandler upped their price target 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. Benchmark reaffirmed a "buy" rating and issued a $68.00 price target on shares of Semtech in a report on Tuesday, August 26th. Finally, Needham & Company LLC lifted their target price 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. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.42.

Insider Activity at Semtech

In other news, CFO Mark Lin sold 999 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total value of $43,796.16. Following the transaction, the chief financial officer owned 17,211 shares in the company, valued at approximately $754,530.24. This represents a 5.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Asaf Silberstein sold 2,000 shares of the company'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 transaction of $85,960.00. Following the completion of the transaction, the chief operating officer owned 105,996 shares in the company, valued at approximately $4,555,708.08. This represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company's stock.

Semtech Company 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.