Vanguard Group Inc. Purchases 298,987 Shares of Semtech Corporation $SMTC

Key Points

• Vanguard Group increased its Semtech stake by 2.6%, buying 298,987 shares to hold 11,858,352 shares (about 12.81% of the company) valued at roughly $873.8 million.
• Insiders have been selling: the EVP sold 7,500 shares and the CEO sold 2,000 shares, with insiders disposing of 46,384 shares worth about $3.92 million over the past three months, leaving insider ownership near 0.48%.
• Semtech beat quarterly EPS estimates ($0.44 vs. $0.43) with revenue of $274.4M, up 9.3% YoY. Shares have rallied (opened at $107.81, 52‑week high $113.05) and analysts remain mostly positive, with an average target of $95.71 and several recent price-target raises.

Vanguard Group Inc. grew its position in shares of Semtech Corporation (NASDAQ:SMTC - Free Report) by 2.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,858,352 shares of the semiconductor company's stock after buying an additional 298,987 shares during the quarter. Vanguard Group Inc. owned approximately 12.81% of Semtech worth $873,842,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Evergreen Capital Management LLC lifted its position in shares of Semtech by 2.3% during the fourth quarter. Evergreen Capital Management LLC now owns 5,945 shares of the semiconductor company's stock worth $438,000 after purchasing an additional 136 shares in the last quarter. Journey Strategic Wealth LLC lifted its position in shares of Semtech by 3.2% during the third quarter. Journey Strategic Wealth LLC now owns 5,074 shares of the semiconductor company's stock worth $363,000 after purchasing an additional 159 shares in the last quarter. AlphaQuest LLC lifted its position in shares of Semtech by 42.5% during the third quarter. AlphaQuest LLC now owns 580 shares of the semiconductor company's stock worth $41,000 after purchasing an additional 173 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Semtech by 65.5% during the third quarter. Jones Financial Companies Lllp now owns 594 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 235 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Semtech by 24.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,274 shares of the semiconductor company's stock worth $57,000 after purchasing an additional 247 shares in the last quarter.

Insiders Place Their Bets

In other Semtech news, EVP Jason Elliot Green sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $81.73, for a total value of $612,975.00. Following the completion of the sale, the executive vice president owned 8,811 shares of the company's stock, valued at approximately $720,123.03. This represents a 45.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hong Q. Hou sold 2,000 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at $6,598,575.08. The trade was a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 46,384 shares of company stock valued at $3,920,140 over the last three months. 0.48% of the stock is owned by insiders.

Semtech Trading Up 2.6%

Shares of NASDAQ SMTC opened at $107.81 on Friday. The company's 50 day simple moving average is $88.30 and its 200 day simple moving average is $79.72. Semtech Corporation has a fifty-two week low of $32.77 and a fifty-two week high of $113.05. The firm has a market capitalization of $10.04 billion, a P/E ratio of -245.02 and a beta of 2.22. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.37 and a quick ratio of 1.66.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SMTC. B. Riley Financial upped their target price 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. Benchmark upped their target price on shares of Semtech from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, April 14th. Morgan Stanley upped their target price on shares of Semtech from $75.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Monday, March 16th. Craig Hallum upped their target price on shares of Semtech from $80.00 to $105.00 and gave the stock a "buy" rating in a research report on Tuesday, March 17th. Finally, Robert W. Baird upped their target price on shares of Semtech from $88.00 to $110.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 17th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $95.71.

About Semtech

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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