Semtech Corporation (NASDAQ:SMTC) Shares Sold by Scotia Capital Inc.

Scotia Capital Inc. trimmed its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 28.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,544 shares of the semiconductor company's stock after selling 15,920 shares during the quarter. Scotia Capital Inc.'s holdings in Semtech were worth $1,395,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hood River Capital Management LLC lifted its stake in Semtech by 1.8% in the fourth quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company's stock worth $213,385,000 after acquiring an additional 59,743 shares during the period. Whale Rock Capital Management LLC raised its holdings in shares of Semtech by 364.2% in the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company's stock valued at $202,015,000 after purchasing an additional 2,562,602 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Semtech by 12.2% in the 4th quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company's stock worth $112,317,000 after purchasing an additional 197,732 shares during the period. Fred Alger Management LLC boosted its stake in shares of Semtech by 122.6% during the fourth quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company's stock valued at $92,271,000 after purchasing an additional 821,671 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in Semtech by 8.4% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,024,768 shares of the semiconductor company's stock valued at $63,382,000 after buying an additional 79,015 shares during the period.

Analysts Set New Price Targets

SMTC has been the topic of several recent research reports. Morgan Stanley set a $43.00 target price on Semtech in a research report 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 decreased their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Benchmark reiterated a "buy" rating and set a $68.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $59.58.

Semtech Stock Performance

Shares of NASDAQ SMTC traded down $0.65 during midday trading on Friday, reaching $50.85. The company had a trading volume of 1,636,459 shares, compared to its average volume of 2,443,526. The stock has a market cap of $4.41 billion, a P/E ratio of -24.68 and a beta of 1.94. The company has a current ratio of 2.53, a quick ratio of 1.81 and a debt-to-equity ratio of 0.95. Semtech Corporation has a 1 year low of $24.05 and a 1 year high of $79.52. The business's 50-day simple moving average is $45.84 and its 200 day simple moving average is $41.45.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 EPS for the quarter, topping analysts' consensus estimates 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 positive return on equity of 19.66% and a negative net margin of 12.52%. The firm's revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.06 EPS. On average, analysts forecast that Semtech Corporation will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Semtech

In other news, CFO Mark Lin sold 999 shares of the 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 sale, the chief financial officer owned 17,211 shares in the company, valued at $754,530.24. This represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the chief operating officer owned 105,996 shares of the company's stock, valued at $4,555,708.08. This represents a 1.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.60% 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.