Westfield Capital Management Co. LP Sells 931,761 Shares of Semtech Corporation $SMTC

Key Points

• Westfield Capital Management reduced its Semtech stake by 27.6% in the fourth quarter, selling 931,761 shares and leaving it with 2.45 million shares worth about $180.4 million.
• Semtech reported better-than-expected quarterly results, with EPS of $0.51 versus the $0.45 consensus and revenue of $291 million, up 15.9% year over year.
• Analysts remain broadly constructive on the stock, with 13 Buy ratings and an average price target of $179.73, though some firms recently raised targets sharply while one downgraded the name.

Westfield Capital Management Co. LP cut its position in Semtech Corporation (NASDAQ:SMTC - Free Report) by 27.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,448,612 shares of the semiconductor company's stock after selling 931,761 shares during the quarter. Semtech makes up approximately 0.8% of Westfield Capital Management Co. LP's investment portfolio, making the stock its 26th largest holding. Westfield Capital Management Co. LP owned about 2.65% of Semtech worth $180,438,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its holdings in shares of Semtech by 12,214.3% during the first quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company's stock valued at $89,000 after acquiring an additional 2,565 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Semtech by 11.5% during the first quarter. Empowered Funds LLC now owns 9,389 shares of the semiconductor company's stock valued at $323,000 after acquiring an additional 968 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Semtech by 5.8% during 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 valued at $14,166,000 after acquiring an additional 22,629 shares in the last quarter. Strs Ohio acquired a new position in shares of Semtech during the first quarter valued at about $65,000. Finally, Cetera Investment Advisers acquired a new position in shares of Semtech during the second quarter valued at about $226,000.

Semtech Price Performance

Shares of NASDAQ SMTC opened at $169.35 on Friday. The business's 50 day moving average price is $115.59 and its 200 day moving average price is $92.03. The firm has a market cap of $15.77 billion, a P/E ratio of -434.23 and a beta of 2.32. Semtech Corporation has a 52 week low of $37.03 and a 52 week high of $172.35. The company has a quick ratio of 1.62, a current ratio of 2.37 and a debt-to-equity ratio of 0.86.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.06. The firm had revenue of $291.00 million for the quarter, compared to analyst estimates of $283.53 million. Semtech had a positive return on equity of 18.31% and a negative net margin of 3.05%.Semtech's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 earnings per share. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. On average, sell-side analysts expect that Semtech Corporation will post 1.6 earnings per share for the current year.

Insider Transactions at Semtech

In related news, Director Martin Burvill sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $88.98, for a total value of $222,450.00. Following the sale, the director owned 4,409 shares in the company, valued at $392,312.82. This represents a 36.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Lin sold 974 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $78.42, for a total value of $76,381.08. Following the completion of the sale, the chief financial officer owned 33,343 shares in the company, valued at approximately $2,614,758.06. This represents a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 30,302 shares of company stock valued at $2,518,002 over the last quarter. Company insiders own 0.48% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SMTC. Mizuho set a $225.00 price objective on shares of Semtech in a report on Wednesday, May 27th. Weiss Ratings downgraded shares of Semtech from a "hold (c-)" rating to a "sell (d-)" rating in a report on Tuesday, March 24th. Roth Mkm upped their price objective on shares of Semtech from $102.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, May 27th. Oppenheimer set a $200.00 price objective on shares of Semtech in a report on Wednesday, May 27th. Finally, TD Cowen restated a "buy" rating on shares of Semtech in a report on Tuesday, February 24th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $179.73.

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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