Fred Alger Management LLC Has $13.20 Million Position 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 lessened its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 74.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 383,834 shares of the semiconductor company's stock after selling 1,108,010 shares during the quarter. Fred Alger Management LLC owned approximately 0.44% of Semtech worth $13,204,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in Semtech by 4.2% in the 1st quarter. Principal Financial Group Inc. now owns 427,958 shares of the semiconductor company's stock valued at $14,722,000 after buying an additional 17,345 shares during the last quarter. Deutsche Bank AG raised its holdings in Semtech by 168.1% in the 1st quarter. Deutsche Bank AG now owns 1,210,078 shares of the semiconductor company's stock valued at $41,627,000 after buying an additional 758,642 shares during the last quarter. Wellington Management Group LLP raised its holdings 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 valued at $79,575,000 after buying an additional 170,132 shares during the last quarter. Paradigm Capital Management Inc. NY bought a new position in Semtech in the 1st quarter valued at approximately $6,591,000. Finally, KBC Group NV raised its holdings in Semtech by 16.8% in the 1st quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock valued at $140,000 after buying an additional 586 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SMTC. Morgan Stanley set a $43.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Needham & Company LLC raised their price target on shares of Semtech from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Craig Hallum raised their price target on shares of Semtech from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Finally, Northland Securities raised their price target on shares of Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a report on Tuesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Semtech currently has an average rating of "Moderate Buy" and an average target price of $61.08.

Insider Activity at Semtech

In other 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 transaction of $43,796.16. Following the completion of the sale, the chief financial officer owned 17,211 shares of the company's stock, valued at $754,530.24. This trade represents a 5.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Asaf Silberstein sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following the sale, 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 position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Semtech Trading Down 1.0%

Shares of SMTC stock traded down $0.61 during trading hours on Friday, hitting $60.30. 1,396,643 shares of the company were exchanged, compared to its average volume of 1,931,804. The firm has a market cap of $5.23 billion, a P/E ratio of 251.25 and a beta of 1.98. Semtech Corporation has a fifty-two week low of $24.05 and a fifty-two week 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. The company has a 50 day simple moving average of $53.00 and a two-hundred day simple moving average of $41.97.

About Semtech

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.