Comerica Bank Grows Position in Semtech Corporation $SMTC

Key Points

• Comerica Bank significantly increased its holdings in Semtech Corporation by 148.4%, owning 138,838 shares valued at approximately $4.8 million as of the end of the quarter.
• Semtech reported a quarterly earnings per share of $0.31, surpassing analysts' expectations of $0.21, with year-over-year revenue growth of 21.8%.
• Several analysts have issued upgrades for Semtech, with a consensus rating of "Moderate Buy" and an average target price of $60.42.

Comerica Bank lifted its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 148.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,838 shares of the semiconductor company's stock after acquiring an additional 82,951 shares during the period. Comerica Bank owned 0.16% of Semtech worth $4,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dunhill Financial LLC acquired a new position in Semtech during the fourth quarter worth $31,000. Smartleaf Asset Management LLC boosted its stake in Semtech by 33.4% during the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company's stock worth $36,000 after buying an additional 257 shares during the last quarter. NBC Securities Inc. boosted its stake in Semtech by 104,700.0% during the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company's stock worth $36,000 after buying an additional 1,047 shares during the last quarter. Versant Capital Management Inc boosted its stake in Semtech by 58.5% during the first quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock worth $52,000 after buying an additional 553 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Semtech by 328.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,507 shares of the semiconductor company's stock worth $93,000 after buying an additional 1,155 shares during the last quarter.

Insider Transactions at Semtech

In other news, CFO Mark Lin sold 999 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $43.84, for a total transaction of $43,796.16. Following the completion of the transaction, the chief financial officer directly owned 17,211 shares of the company's stock, valued at approximately $754,530.24. This represents a 5.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer directly 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 disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on SMTC shares. Piper Sandler boosted their price objective on Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Craig Hallum lifted their target price on Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Stifel Nicolaus lifted their target price on Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research report on Friday, July 18th. UBS Group reduced their target price on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Finally, Northland Securities lifted their target price on Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a research report on Tuesday, August 26th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.42.

Semtech Stock Down 0.6%

Shares of NASDAQ:SMTC traded down $0.33 on Tuesday, hitting $57.76. 1,630,424 shares of the company's stock were exchanged, compared to its average volume of 2,424,964. The firm's 50-day moving average is $50.19 and its 200 day moving average is $40.53. The company has a market capitalization of $5.01 billion, a PE ratio of 240.67 and a beta of 1.98. Semtech Corporation has a 1-year low of $24.05 and a 1-year high of $79.52. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53.

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.