Panoramic Capital LLC Takes Position in Semtech Co. (NASDAQ:SMTC)

Panoramic Capital LLC purchased a new position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 84,581 shares of the semiconductor company's stock, valued at approximately $5,231,000. Semtech accounts for approximately 2.8% of Panoramic Capital LLC's investment portfolio, making the stock its 8th largest position. Panoramic Capital LLC owned 0.11% of Semtech as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SMTC. Hollencrest Capital Management acquired a new position in Semtech in the fourth quarter worth about $31,000. Dunhill Financial LLC bought a new stake in shares of Semtech during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC raised its holdings in shares of 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 buying an additional 505 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Semtech during the fourth quarter valued at approximately $52,000. Finally, AlphaQuest LLC increased its stake in shares of 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 acquiring an additional 772 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Morgan Stanley initiated coverage on shares of Semtech in a research note on Monday, April 7th. They set an "equal weight" rating and a $30.00 price objective on the stock. Robert W. Baird decreased their price objective on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. UBS Group decreased their target price on shares of Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Craig Hallum decreased their target price on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Finally, Stifel Nicolaus reduced their price objective on shares of Semtech from $54.00 to $35.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, Semtech currently has an average rating of "Moderate Buy" and a consensus target price of $56.92.

Semtech Stock Up 2.0%

SMTC stock traded up $0.78 during mid-day trading on Friday, reaching $40.42. 1,437,440 shares of the stock traded hands, compared to its average volume of 2,136,802. The business has a 50-day moving average of $33.04 and a two-hundred day moving average of $47.68. The firm has a market capitalization of $3.50 billion, a PE ratio of -3.10, a P/E/G ratio of 2.12 and a beta of 1.88. 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 analysts' consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. During the same period in the prior year, the company posted ($0.06) EPS. The firm's quarterly revenue was up 30.1% on a year-over-year basis. On average, equities research analysts anticipate that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mark Lin sold 2,907 shares of the firm's stock in a transaction that occurred 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company 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.