Quantitative Investment Management LLC Purchases 38,023 Shares of Semtech Corporation $SMTC

Key Points

• Quantitative Investment Management LLC significantly increased its stake in Semtech Corporation by 865.7% during the first quarter, owning 42,415 shares valued at approximately $1.46 million.
• Multiple institutional investors, including Smartleaf Asset Management and Versant Capital Management, also increased their holdings in Semtech, showcasing growing interest in the semiconductor company.
• Analysts have set various price targets for Semtech shares, with UBS Group lowering its target to $55, while others like Benchmark suggest a higher target of $68, maintaining an overall rating of "Moderate Buy".

Quantitative Investment Management LLC boosted its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 865.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,415 shares of the semiconductor company's stock after purchasing an additional 38,023 shares during the quarter. Quantitative Investment Management LLC's holdings in Semtech were worth $1,459,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of SMTC. Raymond James Financial Inc. acquired a new stake in Semtech in the 4th quarter worth about $360,000. Mariner LLC raised its position in shares of Semtech by 3.3% in the 4th quarter. Mariner LLC now owns 18,136 shares of the semiconductor company's stock valued at $1,122,000 after buying an additional 582 shares in the last quarter. Marshall Wace LLP raised its position in shares of Semtech by 73.1% in the 4th quarter. Marshall Wace LLP now owns 9,277 shares of the semiconductor company's stock valued at $574,000 after buying an additional 3,919 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Semtech by 11.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 17,571 shares of the semiconductor company's stock valued at $1,087,000 after buying an additional 1,813 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of Semtech by 16.3% in the 4th quarter. MetLife Investment Management LLC now owns 43,517 shares of the semiconductor company's stock valued at $2,692,000 after buying an additional 6,107 shares in the last quarter.

Semtech Trading Up 4.2%

SMTC traded up $2.43 during trading on Thursday, reaching $60.56. 2,815,541 shares of the company's stock were exchanged, compared to its average volume of 2,434,854. Semtech Corporation has a one year low of $24.05 and a one year 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 stock has a market capitalization of $5.25 billion, a PE ratio of 252.33 and a beta of 1.94. The firm has a fifty day moving average price of $49.16 and a two-hundred day moving average price of $40.04.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.10. Semtech had a net margin of 2.38% and a return on equity of 21.52%. The firm had revenue of $251.10 million for the quarter, compared to analyst estimates of $249.79 million. During the same period in the previous year, the firm posted $0.06 EPS. The company's revenue for the quarter was up 21.8% compared to the same quarter last year. As a group, equities research analysts forecast that Semtech Corporation will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 999 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total transaction of $43,796.16. Following the sale, the chief financial officer directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Asaf Silberstein sold 2,000 shares of the company'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 sale, the chief operating officer directly owned 105,996 shares in the company, valued at approximately $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 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several analyst reports. Morgan Stanley set a $43.00 target price on shares of Semtech in a research report on Wednesday, May 28th. UBS Group dropped their target price 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. Piper Sandler boosted their target price on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday. Benchmark restated a "buy" rating and issued a $68.00 target price on shares of Semtech in a research report on Tuesday. Finally, Northland Securities lifted their price target on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Semtech presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.42.

Semtech 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.