Rhumbline Advisers Grows Stake in Semtech Corporation $SMTC

Key Points

• Rhumbline Advisers increased its stake in Semtech Corporation by 3.5%, adding 7,221 shares, bringing its total holdings to 212,584 shares valued at approximately $7.31 million.
• Other hedge funds, including Principal Financial Group and Deutsche Bank, also increased their positions significantly, with Deutsche Bank raising its stake by 168.1%.
• Wall Street analysts have issued positive ratings for Semtech, with multiple firms boosting their price targets, leading to a consensus rating of "Moderate Buy" with a target price of $61.08.

Rhumbline Advisers boosted its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 3.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 212,584 shares of the semiconductor company's stock after acquiring an additional 7,221 shares during the quarter. Rhumbline Advisers owned 0.25% of Semtech worth $7,313,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its position in Semtech by 33.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock valued at $36,000 after acquiring an additional 257 shares in the last quarter. Versant Capital Management Inc raised its stake in Semtech by 58.5% during the 1st 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 during the last quarter. KBC Group NV raised its stake in 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 buying an additional 586 shares during the last quarter. Cetera Investment Advisers raised its stake in Semtech by 12.9% during the 4th quarter. Cetera Investment Advisers now owns 5,226 shares of the semiconductor company's stock valued at $323,000 after buying an additional 599 shares during the last quarter. Finally, CWM LLC raised its stake in Semtech by 23.3% during the 1st quarter. CWM LLC now owns 3,751 shares of the semiconductor company's stock valued at $129,000 after buying an additional 709 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SMTC shares. Needham & Company LLC boosted their target price on shares of Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler raised their target price on Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Benchmark raised their target price on Semtech from $68.00 to $76.00 and gave the stock a "buy" rating in a report on Tuesday, September 9th. Stifel Nicolaus raised their target price on Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, Northland Securities raised their target price on Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Semtech currently has a consensus rating of "Moderate Buy" and an average price target of $61.08.

Insider Transactions at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of the firm's stock in a transaction dated 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 $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 999 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $754,530.24. The trade was 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.

Semtech Price Performance

NASDAQ:SMTC traded down $0.13 on Tuesday, reaching $62.50. 722,636 shares of the company's stock traded hands, compared to its average volume of 2,364,579. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. The stock has a 50-day simple moving average of $53.40 and a 200-day simple moving average of $42.14. The firm has a market cap of $5.42 billion, a PE ratio of 260.14 and a beta of 1.98. Semtech Corporation has a 12 month low of $24.05 and a 12 month high of $79.52.

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.