Whale Rock Capital Management LLC Grows Stock Holdings in Semtech Co. (NASDAQ:SMTC)

Whale Rock Capital Management LLC lifted its position in Semtech Co. (NASDAQ:SMTC - Free Report) by 364.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,266,202 shares of the semiconductor company's stock after buying an additional 2,562,602 shares during the period. Semtech makes up about 2.4% of Whale Rock Capital Management LLC's portfolio, making the stock its 16th largest position. Whale Rock Capital Management LLC owned approximately 4.32% of Semtech worth $202,015,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SMTC. Hollencrest Capital Management acquired a new stake in Semtech in the fourth quarter worth about $31,000. Dunhill Financial LLC acquired a new stake in Semtech in the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC boosted its stake in Semtech by 190.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 505 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Semtech during the 4th quarter worth approximately $52,000. Finally, AlphaQuest LLC increased its stake in Semtech by 173.5% during the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company's stock valued at $75,000 after purchasing an additional 772 shares in the last quarter.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several research reports. Benchmark lowered their price objective on shares of Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Craig Hallum reduced their target price on Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Morgan Stanley initiated coverage on Semtech in a research note on Monday, April 7th. They set an "equal weight" rating and a $30.00 price target on the stock. UBS Group cut their price objective on Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Robert W. Baird decreased their target price on Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $56.92.

Semtech Trading Down 0.7%

Shares of SMTC stock opened at $40.14 on Tuesday. Semtech Co. has a twelve month low of $24.05 and a twelve month high of $79.52. The stock has a market cap of $3.48 billion, a P/E ratio of -3.08, a P/E/G ratio of 2.12 and a beta of 1.88. The stock has a 50 day moving average of $33.16 and a 200 day moving average of $47.68.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. During the same period in the previous year, the business earned ($0.06) EPS. Semtech's revenue for the quarter was up 30.1% compared to the same quarter last year. On average, research analysts predict that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the sale, the chief financial officer now owns 13,481 shares of the company's stock, valued at approximately $508,368.51. This trade represents a 17.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.60% of the company's stock.

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.

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