Pier Capital LLC Takes $3.63 Million Position in Semtech Corporation $SMTC

Key Points

• Pier Capital LLC opened a new position in Semtech, buying 49,209 shares valued at approximately $3.63 million, representing about 0.05% of the company.
• Semtech slightly beat quarterly estimates with $0.44 EPS (vs. $0.43 expected) and $274.4M revenue (up 9.3% YoY), and the stock is trading near its 52-week high with a market cap of about $11.31 billion.
• Insiders sold a total of 46,384 shares (~$3.92M) last quarter including sales by the CEO and CFO, while analysts remain largely positive with a consensus rating of "Moderate Buy" and several recent price-target increases.

Pier Capital LLC bought a new stake in Semtech Corporation (NASDAQ:SMTC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 49,209 shares of the semiconductor company's stock, valued at approximately $3,626,000. Pier Capital LLC owned approximately 0.05% of Semtech as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Evergreen Capital Management LLC boosted its holdings in shares of Semtech by 2.3% in the fourth quarter. Evergreen Capital Management LLC now owns 5,945 shares of the semiconductor company's stock valued at $438,000 after acquiring an additional 136 shares in the last quarter. Journey Strategic Wealth LLC boosted its holdings in shares of Semtech by 3.2% in the third quarter. Journey Strategic Wealth LLC now owns 5,074 shares of the semiconductor company's stock valued at $363,000 after acquiring an additional 159 shares in the last quarter. AlphaQuest LLC boosted its holdings in shares of Semtech by 42.5% in the third quarter. AlphaQuest LLC now owns 580 shares of the semiconductor company's stock valued at $41,000 after acquiring an additional 173 shares in the last quarter. Archer Investment Corp boosted its holdings in shares of Semtech by 7.3% in the fourth quarter. Archer Investment Corp now owns 2,683 shares of the semiconductor company's stock valued at $198,000 after acquiring an additional 182 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Semtech by 65.5% in the third quarter. Jones Financial Companies Lllp now owns 594 shares of the semiconductor company's stock valued at $42,000 after acquiring an additional 235 shares in the last quarter.

Semtech Stock Up 1.9%

SMTC stock opened at $121.50 on Friday. The company has a market cap of $11.31 billion, a P/E ratio of -276.14 and a beta of 2.22. Semtech Corporation has a 52 week low of $34.16 and a 52 week high of $127.19. The company's 50-day moving average price is $90.10 and its 200 day moving average price is $80.82. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its earnings results on Monday, March 16th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. The company had revenue of $274.40 million during the quarter, compared to analysts' expectations of $273.14 million. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The firm's quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 earnings per share. On average, research analysts expect that Semtech Corporation will post 1.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. B. Riley Financial boosted their price objective on shares of Semtech from $115.00 to $122.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Benchmark boosted their price objective on shares of Semtech from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. Morgan Stanley boosted their price objective on shares of Semtech from $75.00 to $85.00 and gave the stock an "equal weight" rating in a report on Monday, March 16th. Needham & Company LLC boosted their price objective on shares of Semtech from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Finally, TD Cowen reissued a "buy" rating on shares of Semtech in a report on Tuesday, February 24th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $95.71.

Insider Activity at Semtech

In other Semtech news, CEO Hong Q. Hou sold 2,000 shares of Semtech stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $90.11, for a total transaction of $180,220.00. Following the completion of the transaction, the chief executive officer owned 73,228 shares in the company, valued at approximately $6,598,575.08. The trade was a 2.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Lin sold 9,186 shares of Semtech stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of $75.05, for a total transaction of $689,409.30. Following the transaction, the chief financial officer owned 32,710 shares of the company's stock, valued at approximately $2,454,885.50. The trade was a 21.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 46,384 shares of company stock valued at $3,920,140 in the last quarter. 0.48% of the stock is owned by corporate insiders.

Semtech Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company's products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech's portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.

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