445,017 Shares in Semtech Co. (NASDAQ:SMTC) Acquired by Point72 Asset Management L.P.

Point72 Asset Management L.P. bought a new stake in Semtech Co. (NASDAQ:SMTC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 445,017 shares of the semiconductor company's stock, valued at approximately $27,524,000. Point72 Asset Management L.P. owned 0.59% of Semtech as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SMTC. Hollencrest Capital Management purchased a new stake in Semtech in the fourth quarter valued at approximately $31,000. Dunhill Financial LLC acquired a new position in shares of Semtech in the fourth quarter worth $31,000. Smartleaf Asset Management LLC grew its stake in shares of Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 505 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of Semtech in the fourth quarter worth $52,000. Finally, AlphaQuest LLC grew its stake in shares of Semtech by 173.5% in the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company's stock worth $75,000 after acquiring an additional 772 shares in the last quarter.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 10,890 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the sale, the chief financial officer now directly owns 11,625 shares in the company, valued at $403,155. This represents a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Stifel Nicolaus dropped their price target 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. Needham & Company LLC reiterated a "buy" rating and set a $54.00 target price on shares of Semtech in a research note on Friday, March 14th. Craig Hallum lowered 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. Robert W. Baird reduced their price target on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. Finally, UBS Group reduced their price target on shares of Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $56.92.

Semtech Trading Down 2.0%

Shares of SMTC traded down $0.79 during mid-day trading on Tuesday, hitting $39.35. The company's stock had a trading volume of 1,282,692 shares, compared to its average volume of 2,139,592. The firm has a 50-day simple moving average of $33.16 and a 200 day simple moving average of $47.68. The firm has a market capitalization of $3.41 billion, a P/E ratio of -3.02, a P/E/G ratio of 2.12 and a beta of 1.88. Semtech Co. has a 1-year low of $24.05 and a 1-year high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the business posted ($0.06) earnings per share. The company's quarterly revenue was up 30.1% on a year-over-year basis. As a group, sell-side analysts predict that Semtech Co. will post -0.02 EPS for the current fiscal year.

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.