Semtech Corporation $SMTC Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Semtech Corporation by 7.9%, purchasing an additional 170,132 shares, bringing its total ownership to approximately 2.67% of the company.
• Semtech Corporation reported earnings of $0.31 per share for the last quarter, surpassing analyst expectations of $0.21 and reflecting a 21.8% year-over-year revenue increase.
• Analysts have generally rated Semtech shares as a "Moderate Buy", with an average price target of $59.58, indicating investor confidence in the company's future performance.

Wellington Management Group LLP increased its holdings in Semtech Corporation (NASDAQ:SMTC - Free Report) by 7.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,313,213 shares of the semiconductor company's stock after acquiring an additional 170,132 shares during the quarter. Wellington Management Group LLP owned approximately 2.67% of Semtech worth $79,575,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Dunhill Financial LLC acquired a new position in shares of Semtech in the 4th quarter valued at $31,000. Versant Capital Management Inc increased its holdings in shares of Semtech by 58.5% in the 1st quarter. Versant Capital Management Inc now owns 1,498 shares of the semiconductor company's stock valued at $52,000 after acquiring an additional 553 shares during the period. Mariner LLC increased its holdings in shares of Semtech by 3.3% in the 4th quarter. Mariner LLC now owns 18,136 shares of the semiconductor company's stock valued at $1,122,000 after acquiring an additional 582 shares during the period. KBC Group NV increased its stake in Semtech by 16.8% in the 1st quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock valued at $140,000 after buying an additional 586 shares during the period. Finally, Cetera Investment Advisers increased its stake in Semtech by 12.9% in the 4th quarter. Cetera Investment Advisers now owns 5,226 shares of the semiconductor company's stock valued at $323,000 after buying an additional 599 shares during the period.

Semtech Trading Down 1.2%

NASDAQ:SMTC traded down $0.70 on Wednesday, reaching $58.02. The stock had a trading volume of 1,500,710 shares, compared to its average volume of 2,424,061. The company has a market cap of $5.03 billion, a price-to-earnings ratio of 241.08 and a beta of 1.94. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.53 and a quick ratio of 1.81. The firm's fifty day moving average is $48.83 and its two-hundred day moving average is $39.91. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last released its earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.10. Semtech had a net margin of 2.38% and a return on equity of 21.52%. The company had revenue of $251.10 million for the quarter, compared to analyst estimates of $249.79 million. During the same period in the prior year, the firm earned $0.06 EPS. The firm's quarterly revenue was up 21.8% on a year-over-year basis. Equities analysts expect that Semtech Corporation will post -0.02 EPS for the current fiscal year.

Insider Activity at Semtech

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total value of $85,960.00. Following the completion of the sale, the chief operating officer owned 105,996 shares of the company's stock, valued at $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Lin sold 999 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total transaction of $43,796.16. Following the completion of the sale, the chief financial officer directly owned 17,211 shares of the company's stock, valued at $754,530.24. This trade represents a 5.49% decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Needham & Company LLC boosted their price objective on shares of Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday. Stifel Nicolaus boosted their price objective on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Benchmark restated a "buy" rating and set a $68.00 target price on shares of Semtech in a research report on Tuesday. Piper Sandler boosted their target price on shares of Semtech from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Morgan Stanley set a $43.00 target price on shares of Semtech in a research report on Wednesday, May 28th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $60.42.

Semtech Company 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.