Semtech Co. (NASDAQ:SMTC) Shares Purchased by Fred Alger Management LLC

Fred Alger Management LLC lifted its holdings in Semtech Co. (NASDAQ:SMTC - Free Report) by 122.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,491,844 shares of the semiconductor company's stock after buying an additional 821,671 shares during the quarter. Fred Alger Management LLC owned approximately 1.97% of Semtech worth $92,271,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hollencrest Capital Management purchased a new position in Semtech during the fourth quarter valued at approximately $31,000. Dunhill Financial LLC purchased a new position in Semtech during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its holdings in Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock valued at $48,000 after purchasing an additional 505 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Semtech during the fourth quarter valued at approximately $52,000. Finally, AlphaQuest LLC lifted its holdings in Semtech by 173.5% during the fourth 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.

Insider Activity

In other Semtech 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 transaction of $109,622.97. Following the sale, the chief financial officer now owns 13,481 shares of the company's stock, valued at $508,368.51. The trade was a 17.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.60% of the company's stock.

Semtech Price Performance

Shares of NASDAQ:SMTC traded up $1.35 during trading hours on Tuesday, hitting $39.57. The company's stock had a trading volume of 919,488 shares, compared to its average volume of 2,124,171. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of -3.03, a P/E/G ratio of 2.12 and a beta of 1.88. The firm's fifty day moving average price is $32.44 and its 200 day moving average price is $47.88. Semtech Co. has a 52 week low of $24.05 and a 52 week high of $79.52.

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

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Stifel Nicolaus lowered their price target on shares of Semtech from $54.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Robert W. Baird decreased their price objective on Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Benchmark lowered their target price on Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research report on Friday, March 14th. UBS Group reduced their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Finally, Morgan Stanley assumed coverage on shares of Semtech in a research report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 price target on the stock. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $56.92.

Semtech 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.