Point72 Hong Kong Ltd acquired a new position in Semtech Co. (NASDAQ:SMTC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 109,363 shares of the semiconductor company's stock, valued at approximately $6,764,000. Point72 Hong Kong Ltd owned 0.14% of Semtech at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in Semtech by 15.8% during the fourth quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock valued at $25,396,000 after purchasing an additional 56,108 shares during the period. Rhumbline Advisers grew its holdings in Semtech by 6.1% during the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock valued at $12,702,000 after purchasing an additional 11,878 shares during the period. Convergence Investment Partners LLC bought a new stake in Semtech during the fourth quarter valued at about $2,680,000. Stephens Inc. AR bought a new stake in Semtech during the fourth quarter valued at about $889,000. Finally, Essential Planning LLC. bought a new stake in Semtech during the fourth quarter valued at about $1,069,000.
Analyst Upgrades and Downgrades
SMTC has been the topic of several recent analyst reports. Morgan Stanley initiated coverage on shares of Semtech in a research report on Monday, April 7th. They set an "equal weight" rating and a $30.00 price objective on the stock. Craig Hallum decreased their price objective on shares of Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Needham & Company LLC restated a "buy" rating and set a $54.00 price objective on shares of Semtech in a research report on Friday, March 14th. UBS Group dropped their price objective on Semtech from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Benchmark dropped their price objective on Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $56.92.
Check Out Our Latest Research Report on Semtech
Insiders Place Their Bets
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 stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the sale, the chief financial officer now directly owns 13,481 shares of the company's stock, valued at $508,368.51. This trade represents a 17.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.60% of the company's stock.
Semtech Stock Down 0.0%
Semtech stock traded down $0.02 during midday trading on Tuesday, reaching $40.12. 285,427 shares of the stock traded hands, compared to its average volume of 2,130,440. The stock's fifty day moving average is $33.16 and its 200-day moving average is $47.68. Semtech Co. has a 12 month low of $24.05 and a 12 month high of $79.52. The stock has a market cap of $3.48 billion, a P/E ratio of -3.07, a PEG ratio of 2.12 and a beta of 1.88.
Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same period in the previous year, the company posted ($0.06) earnings per share. Semtech's quarterly revenue was up 30.1% on a year-over-year basis. On average, equities analysts predict that Semtech Co. will post -0.02 EPS for the current fiscal year.
About Semtech
(
Free Report)
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.
Read More
Before you consider Semtech, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Semtech wasn't on the list.
While Semtech currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
