Semtech Corporation $SMTC Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. reduced its stake in Semtech Corporation by 35.6% during the first quarter, selling 25,661 shares and retaining 46,492 shares valued at around $1.6 million.
• Several large investors, including Panagora Asset Management Inc. and Trexquant Investment LP, have recently made new investments in Semtech, indicating ongoing interest in the stock.
• Analysts have shown increased optimism for Semtech, with multiple firms raising their target prices for the stock, resulting in a current average rating of "Moderate Buy" and an average price target of $60.42.

Baird Financial Group Inc. trimmed its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 35.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,492 shares of the semiconductor company's stock after selling 25,661 shares during the period. Baird Financial Group Inc. owned 0.05% of Semtech worth $1,599,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Panagora Asset Management Inc. acquired a new stake in Semtech in the 1st quarter valued at about $1,229,000. Vident Advisory LLC purchased a new position in Semtech in the 1st quarter valued at about $202,000. State of Wyoming purchased a new position in Semtech in the 1st quarter valued at about $90,000. Trexquant Investment LP purchased a new position in Semtech in the 1st quarter valued at about $5,023,000. Finally, Landscape Capital Management L.L.C. purchased a new position in Semtech in the 1st quarter valued at about $842,000.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 999 shares of the firm'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 value of $43,796.16. Following the transaction, the chief financial officer owned 17,211 shares in the company, valued at approximately $754,530.24. This trade represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief operating officer owned 105,996 shares in the company, valued at $4,555,708.08. The trade was a 1.85% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Semtech Trading Up 1.3%

Shares of SMTC stock opened at $60.67 on Monday. The firm has a market cap of $5.26 billion, a P/E ratio of 252.79 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 current ratio of 2.53 and a quick ratio of 1.78. The firm's 50-day simple moving average is $51.35 and its 200-day simple moving average is $41.13.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Craig Hallum upped their target price on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Northland Securities upped their target price on shares of Semtech from $48.00 to $53.00 and gave the company an "outperform" rating in a report on Tuesday, August 26th. Piper Sandler upped their target price on shares of Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Stifel Nicolaus upped their target price 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, Needham & Company LLC upped their target price on shares of Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $60.42.

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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