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

Victory Capital Management Inc. decreased its holdings in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 11.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 677,675 shares of the semiconductor company's stock after selling 85,572 shares during the period. Victory Capital Management Inc. owned approximately 0.78% of Semtech worth $23,312,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Edgestream Partners L.P. raised its stake in Semtech by 496.0% during the 1st quarter. Edgestream Partners L.P. now owns 65,110 shares of the semiconductor company's stock valued at $2,240,000 after acquiring an additional 54,185 shares in the last quarter. CWM LLC raised its position in Semtech by 23.3% in the first quarter. CWM LLC now owns 3,751 shares of the semiconductor company's stock worth $129,000 after purchasing an additional 709 shares in the last quarter. Moody Aldrich Partners LLC grew its stake in shares of Semtech by 75.6% during the first quarter. Moody Aldrich Partners LLC now owns 98,904 shares of the semiconductor company's stock valued at $3,402,000 after purchasing an additional 42,587 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Semtech by 4.2% in the first quarter. Principal Financial Group Inc. now owns 427,958 shares of the semiconductor company's stock valued at $14,722,000 after acquiring an additional 17,345 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new position in shares of Semtech during the first quarter worth $430,000.

Insider Activity at Semtech

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total value of $85,960.00. Following the completion of the sale, the chief operating officer owned 105,996 shares of the company's stock, valued at approximately $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Lin sold 999 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was 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 approximately $754,530.24. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

SMTC has been the topic of several recent research reports. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 price target on shares of Semtech in a research note on Wednesday, May 28th. Morgan Stanley set a $43.00 price objective on shares of Semtech in a research note on Wednesday, May 28th. Benchmark restated a "buy" rating and issued a $68.00 price objective on shares of Semtech in a research report 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 on the stock in a research note on Monday, May 5th. Finally, Stifel Nicolaus boosted their price objective on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $59.58.

Semtech Price Performance

SMTC opened at $53.06 on Tuesday. The stock's 50-day moving average price is $42.05 and its 200 day moving average price is $42.68. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. The company has a current ratio of 2.53, a quick ratio of 1.81 and a debt-to-equity ratio of 0.95. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -25.76 and a beta of 1.92.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.10. Semtech had a positive return on equity of 19.66% and a negative net margin of 12.52%. The business had revenue of $251.10 million for the quarter, compared to analyst estimates of $249.79 million. During the same quarter last year, the company earned $0.06 EPS. The business's quarterly revenue was up 21.8% on a year-over-year basis. As a group, sell-side analysts expect that Semtech Corporation will post -0.02 earnings per share for the current year.

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.

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