Semtech Corporation $SMTC Stock Position Decreased by Comerica Bank

Key Points

• Comerica Bank cut its stake in Semtech by 96.0% in Q4, selling 513,953 shares and leaving 21,659 shares valued at $1.596 million.
• Semtech slightly beat quarterly estimates with $0.44 EPS (vs. $0.43) and $274.4M revenue (up 9.3% YoY), and analysts are largely bullish—14 Buy ratings and a consensus "Moderate Buy" target of $95.71.
• Company insiders have been selling (CFO and CEO used Rule 10b5‑1 plans); insiders sold 46,384 shares (~$3.92M) in the last 90 days, while the stock trades near $121.50 with a market cap of $11.31B and a negative P/E of -276.14.

Comerica Bank cut its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 96.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,659 shares of the semiconductor company's stock after selling 513,953 shares during the quarter. Comerica Bank's holdings in Semtech were worth $1,596,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of SMTC. Jones Financial Companies Lllp lifted its holdings in shares of Semtech by 12,214.3% in the first quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company's stock valued at $89,000 after purchasing an additional 2,565 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Semtech by 11.5% in the first quarter. Empowered Funds LLC now owns 9,389 shares of the semiconductor company's stock worth $323,000 after buying an additional 968 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Semtech by 5.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 411,814 shares of the semiconductor company's stock worth $14,166,000 after buying an additional 22,629 shares during the last quarter. Strs Ohio acquired a new stake in shares of Semtech in the first quarter valued at about $65,000. Finally, Cetera Investment Advisers acquired a new stake in shares of Semtech in the second quarter valued at about $226,000.

Semtech Trading Up 1.9%

Semtech stock opened at $121.50 on Friday. The firm has a 50-day moving average of $90.10 and a 200-day moving average of $80.82. Semtech Corporation has a one year low of $34.16 and a one year high of $127.19. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.37 and a quick ratio of 1.66. The company has a market cap of $11.31 billion, a price-to-earnings ratio of -276.14 and a beta of 2.22.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Monday, March 16th. The semiconductor company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. The company had revenue of $274.40 million during the quarter, compared to the consensus estimate of $273.14 million. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The company's quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. On average, equities analysts expect that Semtech Corporation will post 1.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SMTC. Robert W. Baird lifted their target price on Semtech from $88.00 to $110.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 17th. TD Cowen reissued a "buy" rating on shares of Semtech in a report on Tuesday, February 24th. B. Riley Financial boosted their price objective on shares of Semtech from $115.00 to $122.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Needham & Company LLC upped their target price on shares of Semtech from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Tuesday, March 17th. Finally, Weiss Ratings cut shares of Semtech from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Tuesday, March 24th. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Semtech has a consensus rating of "Moderate Buy" and a consensus target price of $95.71.

Insider Buying and Selling

In other news, CFO Mark Lin sold 974 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $78.42, for a total value of $76,381.08. Following the sale, the chief financial officer directly owned 33,343 shares of the company's stock, valued at approximately $2,614,758.06. This represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hong Q. Hou sold 2,000 shares of the company's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $90.11, for a total transaction of $180,220.00. Following the completion of the sale, the chief executive officer directly owned 73,228 shares in the company, valued at approximately $6,598,575.08. The trade was a 2.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 46,384 shares of company stock worth $3,920,140 in the last 90 days. 0.48% of the stock is owned by corporate insiders.

Semtech Company Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company's products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech's portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.

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