TD Asset Management Inc Purchases New Stake in Semtech Corporation $SMTC

Key Points

• TD Asset Management opened a new position in Semtech by acquiring 33,042 shares (~$2.36M) in Q3, while other institutions also increased exposure—Citigroup boosted its stake to 206,506 shares and JPMorgan now holds 849,769 shares worth about $60.7M.
• Insider selling has been notable: insiders sold 26,967 shares totaling roughly $2.24M in the last 90 days, and corporate insiders own just 0.48% of the company.
• Analysts are largely positive with 14 Buy and 2 Hold ratings and a consensus target of $81.36, which is below the current share price (~$89.75); Semtech’s market cap is about $8.31B with a P/E near 289.5.

TD Asset Management Inc acquired a new position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 33,042 shares of the semiconductor company's stock, valued at approximately $2,361,000.

Other hedge funds have also recently made changes to their positions in the company. Citigroup Inc. boosted its stake in Semtech by 121.8% in the third quarter. Citigroup Inc. now owns 206,506 shares of the semiconductor company's stock valued at $14,755,000 after acquiring an additional 113,386 shares during the last quarter. Hodges Capital Management Inc. bought a new position in Semtech during the third quarter valued at $4,624,000. Skandinaviska Enskilda Banken AB publ purchased a new stake in Semtech in the third quarter worth $171,000. Fifth Third Bancorp raised its stake in shares of Semtech by 33.9% in the third quarter. Fifth Third Bancorp now owns 1,011 shares of the semiconductor company's stock valued at $72,000 after buying an additional 256 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in Semtech by 11.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 849,769 shares of the semiconductor company's stock worth $60,716,000 after acquiring an additional 88,114 shares during the last quarter.

Semtech Trading Down 0.5%

NASDAQ SMTC opened at $89.75 on Thursday. The stock's 50-day simple moving average is $82.27 and its two-hundred day simple moving average is $72.11. Semtech Corporation has a twelve month low of $24.05 and a twelve month high of $96.46. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of 289.52 and a beta of 1.99.

Insider Activity at Semtech

In other Semtech news, insider John Michael Wilson sold 5,000 shares of the business's stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $75.12, for a total value of $375,600.00. Following the completion of the sale, the insider directly owned 60,066 shares of the company's stock, valued at $4,512,157.92. The trade was a 7.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 1,333 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $76.20, for a total value of $101,574.60. Following the sale, the chief financial officer owned 18,477 shares of the company's stock, valued at $1,407,947.40. This represents a 6.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 26,967 shares of company stock worth $2,236,108 in the last 90 days. Corporate insiders own 0.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SMTC. Roth Mkm increased their target price on shares of Semtech from $65.00 to $77.00 and gave the stock a "buy" rating in a research report on Tuesday, November 25th. Oppenheimer reiterated an "outperform" rating and issued a $81.00 price objective on shares of Semtech in a research note on Tuesday, November 25th. TD Cowen reaffirmed a "buy" rating on shares of Semtech in a report on Tuesday, February 24th. Robert W. Baird boosted their price objective on Semtech from $70.00 to $88.00 and gave the company an "outperform" rating in a research note on Tuesday, November 25th. Finally, Summit Insights upgraded Semtech from a "hold" rating to a "buy" rating in a research report on Tuesday, November 25th. Fourteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Semtech presently has an average rating of "Moderate Buy" and a consensus target price of $81.36.

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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