Semtech Corporation $SMTC Stock Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Semtech stake by 71.2% in the third quarter, selling 10,569 shares and retaining 4,266 shares valued at approximately $761,000.
• Wall Street sentiment remains positive: Semtech has a consensus “Moderate Buy” rating and an average price target of $213.11, with several analysts recently raising targets.
• Semtech exceeded quarterly expectations with $0.71 in EPS and $341.87 million in revenue, up 32.7% year over year. However, company insiders sold 14,237 shares worth about $2.34 million over the past 90 days.

Sterling Capital Management LLC reduced its stake in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 71.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,266 shares of the semiconductor company's stock after selling 10,569 shares during the period. Sterling Capital Management LLC's holdings in Semtech were worth $761,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SMTC. ABS Investment Management LLC acquired a new position in shares of Semtech in the 2nd quarter valued at $178,035,000. FNY Investment Advisers LLC raised its stake in Semtech by 900.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 200 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 180 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Semtech during the 2nd quarter worth about $32,000. Pension & Wealth Management Advisors Inc. acquired a new stake in Semtech during the 3rd quarter worth about $53,000. Finally, Allworth Financial LP acquired a new stake in Semtech during the 2nd quarter worth about $55,000.

Wall Street Analysts Forecast Growth

SMTC has been the topic of a number of research reports. TD Cowen reissued a "buy" rating and issued a $215.00 price objective on shares of Semtech in a report on Friday, October 16th. Northland Securities raised Semtech from a "market perform" rating to an "outperform" rating and set a $186.00 target price for the company in a report on Friday, October 16th. BMO Capital Markets lifted their target price on Semtech from $155.00 to $230.00 and gave the stock an "outperform" rating in a report on Tuesday, October 13th. Seaport Research Partners assumed coverage on Semtech in a research report on Tuesday, September 22nd. They issued a "buy" rating and a $200.00 target price on the stock. Finally, Morgan Stanley set a $205.00 price target on shares of Semtech in a report on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $213.11.

Semtech Price Performance

NASDAQ:SMTC opened at $144.35 on Wednesday. The company has a 50 day moving average price of $156.56 and a 200-day moving average price of $123.75. Semtech Corporation has a 1-year low of $60.28 and a 1-year high of $201.99. The firm has a market cap of $13.47 billion, a price-to-earnings ratio of 95.60 and a beta of 2.41.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 25th. The semiconductor company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.10. The firm had revenue of $341.87 million for the quarter, compared to analysts' expectations of $328.67 million. The business's quarterly revenue was up 32.7% on a year-over-year basis. During the same period last year, the company posted $0.41 earnings per share. Semtech has set its Q3 2027 guidance at 1.020-1.080 EPS. On average, sell-side analysts anticipate that Semtech Corporation will post 2.80 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Hong Hou sold 2,000 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $138.71, for a total transaction of $277,420.00. Following the sale, the chief executive officer directly owned 60,799 shares of the company's stock, valued at $8,433,429.29. This represents a 3.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Lin sold 967 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $178.87, for a total transaction of $172,967.29. Following the sale, the chief financial officer directly owned 35,999 shares in the company, valued at approximately $6,439,141.13. The trade was a 2.62% 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. In the last 90 days, insiders have sold 14,237 shares of company stock valued at $2,337,597. Insiders own 0.44% of the company's stock.

About Semtech

Semtech Corporation NASDAQ: SMTC is a global semiconductor and infrastructure technology company that develops analog and mixed-signal products for communications, industrial, data center, consumer, and automotive applications. Its portfolio is designed to improve connectivity, power efficiency, signal integrity, and protection in electronic systems.

The company's products include high-speed connectivity solutions for data centers and communications networks, power management and protection devices, signal integrity components, and wireless and radio-frequency technologies.

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