Jacobs Levy Equity Management Inc. Trims Stock Holdings in Semtech Corporation $SMTC

Key Points

• Jacobs Levy Equity Management Inc. reduced its stake in Semtech Corporation by 10.0%, owning 344,117 shares worth approximately $11.8 million after selling 38,440 shares in Q1.
• Several other hedge funds increased their positions in Semtech, with Smartleaf Asset Management and NBC Securities making significant adjustments, reflecting investor interest in the semiconductor sector.
• Semtech's stock price rose by 1.3%, with an average price target set at $60.42 among analysts, indicating a generally positive outlook for the company's shares.

Jacobs Levy Equity Management Inc. decreased its position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 10.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 344,117 shares of the semiconductor company's stock after selling 38,440 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.40% of Semtech worth $11,838,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Semtech by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company's stock worth $402,560,000 after purchasing an additional 159,770 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Semtech by 15.8% during 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 stake in shares of Semtech by 364.2% during 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 stake in shares of Semtech by 7.9% during 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 stake in shares of Semtech by 74.0% during 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.

Analyst Ratings Changes

SMTC has been the topic of a number of recent analyst reports. Piper Sandler increased their target price on Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Morgan Stanley set a $43.00 target price on Semtech in a research report on Wednesday, May 28th. Benchmark increased their target price on Semtech from $68.00 to $76.00 and gave the company a "buy" rating in a research report on Tuesday. Stifel Nicolaus increased 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. Finally, Northland Securities increased 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 analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $61.08.

Insider Activity

In other Semtech news, CFO Mark Lin sold 999 shares of the business's stock in a transaction dated 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 directly owned 17,211 shares in the company, valued at $754,530.24. The trade was a 5.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 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 owned 105,996 shares of the company's stock, valued at $4,555,708.08. This represents a 1.85% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

Semtech Trading Up 0.8%

Shares of SMTC traded up $0.46 during midday trading on Friday, reaching $61.37. The company had a trading volume of 427,070 shares, compared to its average volume of 2,371,724. The firm has a 50 day simple moving average of $52.69 and a 200-day simple moving average of $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. The stock has a market cap of $5.33 billion, a PE ratio of 255.48 and a beta of 1.98. Semtech Corporation has a 1-year low of $24.05 and a 1-year high of $79.52.

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.