Westfield Capital Management Co. LP Makes New $45.49 Million Investment in Semtech Corporation (NASDAQ:SMTC)

Key Points

• Westfield Capital Management Co. LP has acquired a new position in Semtech Corporation, purchasing 1,322,351 shares valued at approximately $45.49 million, representing around 1.53% ownership of the company.
• In insider trading news, Semtech's COO and CFO both sold shares recently, with COO Asaf Silberstein selling 2,000 shares and CFO Mark Lin selling 999 shares, indicating a decrease in their ownership stakes.
• Several analysts have given Semtech a consensus target price of $59.58, with most ratings being a "buy," as the company recently reported better-than-expected earnings and revenue growth.

Westfield Capital Management Co. LP acquired a new position in Semtech Corporation (NASDAQ:SMTC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,322,351 shares of the semiconductor company's stock, valued at approximately $45,489,000. Westfield Capital Management Co. LP owned 1.53% of Semtech as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Semtech by 4.2% in the first quarter. Principal Financial Group Inc. now owns 427,958 shares of the semiconductor company's stock worth $14,722,000 after acquiring an additional 17,345 shares during the period. Boothbay Fund Management LLC increased its stake in shares of Semtech by 48.9% in the 4th quarter. Boothbay Fund Management LLC now owns 40,663 shares of the semiconductor company's stock worth $2,515,000 after acquiring an additional 13,348 shares in the last quarter. KBC Group NV boosted its stake in Semtech by 16.8% during the first quarter. KBC Group NV now owns 4,084 shares of the semiconductor company's stock worth $140,000 after acquiring an additional 586 shares in the last quarter. Fortress Investment Group LLC purchased a new position in shares of Semtech during the fourth quarter valued at approximately $1,225,000. Finally, Moody Aldrich Partners LLC boosted its position in shares of Semtech by 75.6% in the 1st quarter. Moody Aldrich Partners LLC now owns 98,904 shares of the semiconductor company's stock worth $3,402,000 after purchasing an additional 42,587 shares in the last quarter.

Wall Street Analyst Weigh In

SMTC has been the subject of a number of recent analyst reports. Morgan Stanley set a $43.00 price objective on shares of Semtech in a report on Wednesday, May 28th. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $54.00 and gave the company a "buy" rating in a report on Friday, July 18th. Benchmark restated a "buy" rating and issued a $68.00 target price on shares of Semtech in a report on Wednesday, May 28th. UBS Group lowered their price target on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $54.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $59.58.

Semtech Trading Up 1.0%

SMTC traded up $0.53 on Thursday, hitting $51.50. The company had a trading volume of 1,597,131 shares, compared to its average volume of 1,727,477. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95. The business's fifty day simple moving average is $45.84 and its 200 day simple moving average is $41.45. The company has a market cap of $4.46 billion, a PE ratio of -25.00 and a beta of 1.94.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.10. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. The business had revenue of $251.10 million for the quarter, compared to analysts' expectations of $249.79 million. During the same quarter in the previous year, the business posted $0.06 earnings per share. The business's revenue was up 21.8% compared to the same quarter last year. Equities research analysts expect that Semtech Corporation will post -0.02 EPS for the current year.

Insider Transactions at Semtech

In other news, CFO Mark Lin sold 999 shares of Semtech 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 owned 17,211 shares of the company's stock, valued at approximately $754,530.24. The trade was a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Asaf Silberstein sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $42.98, for a total transaction of $85,960.00. Following the completion of the sale, the chief operating officer directly owned 105,996 shares of the company's stock, valued at approximately $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company's stock.

About Semtech

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.