Wells Fargo & Company MN Sells 63,719 Shares of Semtech Co. (NASDAQ:SMTC)

Wells Fargo & Company MN decreased its position in Semtech Co. (NASDAQ:SMTC - Free Report) by 52.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,778 shares of the semiconductor company's stock after selling 63,719 shares during the period. Wells Fargo & Company MN owned approximately 0.08% of Semtech worth $3,574,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management purchased a new stake in shares of Semtech during the fourth quarter valued at $31,000. Smartleaf Asset Management LLC boosted its holdings in shares of Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company's stock valued at $48,000 after acquiring an additional 505 shares during the last quarter. 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 during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of Semtech during the fourth quarter valued at approximately $91,000. Finally, Pacer Advisors Inc. lifted its position in Semtech by 51.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company's stock valued at $109,000 after purchasing an additional 598 shares during the period.

Insider Activity at Semtech

In other Semtech news, CFO Mark Lin sold 2,990 shares of the business's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total transaction of $177,755.50. Following the transaction, the chief financial officer now owns 5,446 shares in the company, valued at $323,764.70. The trade was a 35.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders sold 16,787 shares of company stock valued at $665,044. 0.60% of the stock is owned by corporate insiders.

Semtech Price Performance

Shares of SMTC stock traded down $0.10 on Monday, hitting $29.93. 1,918,970 shares of the stock traded hands, compared to its average volume of 2,114,143. Semtech Co. has a 52 week low of $24.05 and a 52 week high of $79.52. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -2.29, a PEG ratio of 2.12 and a beta of 1.85. The firm has a 50 day simple moving average of $33.04 and a two-hundred day simple moving average of $48.61.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on SMTC. 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. Morgan Stanley started coverage on Semtech in a report on Monday, April 7th. They issued an "equal weight" rating and a $30.00 target price on the stock. Needham & Company LLC restated a "buy" rating and set a $54.00 price target on shares of Semtech in a research note on Friday, March 14th. Stifel Nicolaus reduced their price target on shares of Semtech from $54.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Finally, UBS Group cut their target price on shares of Semtech from $65.00 to $60.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Semtech currently has a consensus rating of "Moderate Buy" and an average price target of $57.33.

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.