PNC Financial Services Group Inc. Acquires 7,583 Shares of Semtech Corporation (NASDAQ:SMTC)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Semtech Corporation by 164.5%, acquiring an additional 7,583 shares in the first quarter, bringing its total ownership to 12,192 shares valued at approximately $419,000.
• Research analysts have set target prices for Semtech shares ranging from $43.00 to $68.00, with the stock receiving an overall rating of "Moderate Buy" and an average price target of $59.58.
• Semtech Corporation reported earnings of $0.31 per share, significantly beating the consensus estimate of $0.21, and its revenue for the quarter was up 21.8% compared to the same quarter last year, totaling $251.10 million.

PNC Financial Services Group Inc. boosted its holdings in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 164.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,192 shares of the semiconductor company's stock after purchasing an additional 7,583 shares during the period. PNC Financial Services Group Inc.'s holdings in Semtech were worth $419,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMTC. Dunhill Financial LLC bought a new position in Semtech during the fourth quarter worth about $31,000. NBC Securities Inc. raised its stake 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 acquiring an additional 1,047 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Semtech in the fourth quarter valued at approximately $52,000. Versant Capital Management Inc raised its stake 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 acquiring an additional 553 shares during the last quarter. Finally, Archer Investment Corp bought a new position in shares of Semtech in the first quarter valued at approximately $64,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SMTC shares. Morgan Stanley set a $43.00 target price on shares of Semtech in a research note on Wednesday, May 28th. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 target price on shares of Semtech in a research note on Wednesday, May 28th. UBS Group cut their target price on shares of Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Benchmark reiterated a "buy" rating and issued a $68.00 target price on shares of Semtech in a research note on Wednesday, May 28th. Finally, Stifel Nicolaus boosted their price objective on shares of Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $59.58.

Semtech Stock Performance

Shares of Semtech stock opened at $50.52 on Friday. The firm has a fifty day moving average of $47.19 and a two-hundred day moving average of $40.74. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of -24.52 and a beta of 1.94. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.81 and a current ratio of 2.53.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.21 by $0.10. The company had revenue of $251.10 million during the quarter, compared to analysts' expectations of $249.79 million. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. The business's revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 EPS. As a group, equities research analysts predict that Semtech Corporation will post -0.02 EPS for the current year.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 999 shares of the business's stock in a transaction 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 completion of the transaction, the chief financial officer owned 17,211 shares of the company's stock, valued at $754,530.24. The trade was a 5.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction 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 $4,555,708.08. This trade represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

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.

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