Martin Burvill Sells 3,500 Shares of Semtech (NASDAQ:SMTC) Stock

Key Points

• Semtech (NASDAQ:SMTC) Director Martin Burvill sold 3,500 shares at an average price of $62.75, totaling $219,625, resulting in a 33.62% decrease in his ownership.
• Hedge fund activity increased, with significant investments from firms like Bessemer Group and NBC Securities, indicating growing interest in Semtech stock.
• Research analysts have raised their price targets on Semtech, with Benchmark increasing its target from $68.00 to $76.00 and a consensus rating of "Moderate Buy."

Semtech Corporation (NASDAQ:SMTC - Get Free Report) Director Martin Burvill sold 3,500 shares of the company's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total value of $219,625.00. Following the transaction, the director directly owned 6,909 shares in the company, valued at approximately $433,539.75. This trade represents a 33.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Semtech Stock Up 1.1%

Shares of Semtech stock traded up $0.66 on Monday, hitting $61.53. The company had a trading volume of 1,372,504 shares, compared to its average volume of 2,038,749. The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of 76.09 and a beta of 1.98. Semtech Corporation has a 1 year low of $24.05 and a 1 year high of $79.52. The stock has a 50 day moving average of $54.53 and a 200-day moving average of $42.88. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently bought and sold shares of SMTC. Westfield Capital Management Co. LP grew its holdings in Semtech by 107.8% during the second quarter. Westfield Capital Management Co. LP now owns 2,747,260 shares of the semiconductor company's stock valued at $124,011,000 after purchasing an additional 1,424,909 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Semtech by 15.8% in the first quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company's stock worth $221,737,000 after acquiring an additional 877,422 shares during the period. Nuveen LLC bought a new position in shares of Semtech in the first quarter worth $27,940,000. Invesco Ltd. boosted its holdings in shares of Semtech by 74.0% in the first quarter. Invesco Ltd. now owns 1,800,174 shares of the semiconductor company's stock worth $61,926,000 after acquiring an additional 765,558 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Semtech by 168.1% in the first quarter. Deutsche Bank AG now owns 1,210,078 shares of the semiconductor company's stock worth $41,627,000 after acquiring an additional 758,642 shares during the period.

Analysts Set New Price Targets

SMTC has been the subject of several analyst reports. Northland Securities increased their price objective on Semtech from $48.00 to $53.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 26th. Stifel Nicolaus increased their price objective on Semtech from $45.00 to $54.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Morgan Stanley set a $43.00 target price on Semtech in a report on Wednesday, May 28th. Needham & Company LLC upped their target price on Semtech from $54.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Finally, Piper Sandler upped their target price on Semtech from $55.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.08.

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.