Fred Alger Management LLC Cuts Holdings in Semtech Corporation $SMTC

Key Points

• Fred Alger Management LLC sold 1,108,010 shares of Semtech, reducing its stake by 74.3% in the first quarter, leaving it with approximately 383,834 shares valued at $13.2 million.
• Several institutional investors increased their stakes in Semtech, with Vanguard Group Inc. boosting its position by 1.4% to over 11.7 million shares worth approximately $402.6 million.
• Semtech's stock price opened at $60.62, with a one-year range between $24.05 and $79.52, reflecting a market capitalization of $5.26 billion.

Fred Alger Management LLC lowered its position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 74.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 383,834 shares of the semiconductor company's stock after selling 1,108,010 shares during the period. Fred Alger Management LLC owned approximately 0.44% of Semtech worth $13,204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Semtech by 1.4% during the first quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company's stock valued at $402,560,000 after acquiring an additional 159,770 shares in the last quarter. Ameriprise Financial Inc. grew its position in Semtech by 15.8% in the 1st quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company's stock worth $221,737,000 after purchasing an additional 877,422 shares during the period. Whale Rock Capital Management LLC grew its position in 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 worth $202,015,000 after purchasing an additional 2,562,602 shares during the period. Wellington Management Group LLP grew its position in Semtech by 7.9% in the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company's stock worth $79,575,000 after purchasing an additional 170,132 shares during the period. Finally, Invesco Ltd. grew its position in Semtech by 74.0% in the 1st quarter. Invesco Ltd. now owns 1,800,174 shares of the semiconductor company's stock worth $61,926,000 after purchasing an additional 765,558 shares during the period.

Analysts Set New Price Targets

SMTC has been the subject of a number of research analyst reports. Piper Sandler lifted their target price on shares of Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Benchmark lifted their target price on shares of Semtech from $68.00 to $76.00 and gave the stock a "buy" rating in a research report on Tuesday. Needham & Company LLC lifted their target price on shares of Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Stifel Nicolaus lifted their target price on shares of Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Finally, Craig Hallum boosted their price objective on shares of Semtech from $55.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.08.

Insider Buying and Selling

In other news, 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Lin sold 999 shares of the firm's 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 transaction, the chief financial officer directly 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 disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Semtech Trading Down 1.0%

NASDAQ:SMTC traded down $0.61 during mid-day trading on Friday, hitting $60.30. 1,396,643 shares of the stock traded hands, compared to its average volume of 2,376,749. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 251.25 and a beta of 1.98. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52. The firm's 50 day moving average is $52.69 and its two-hundred day moving average is $41.74. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94.

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.