Seven Grand Managers LLC Invests $3.09 Million in Semtech Co. (NASDAQ:SMTC)

Seven Grand Managers LLC bought a new stake in Semtech Co. (NASDAQ:SMTC - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 50,000 shares of the semiconductor company's stock, valued at approximately $3,092,000. Semtech comprises approximately 1.4% of Seven Grand Managers LLC's portfolio, making the stock its 27th largest holding. Seven Grand Managers LLC owned 0.07% of Semtech at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sherbrooke Park Advisers LLC acquired a new position in shares of Semtech during the fourth quarter worth approximately $793,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Semtech in the 4th quarter valued at $1,542,000. Point72 Asset Management L.P. acquired a new stake in shares of Semtech in the 4th quarter valued at $27,524,000. Point72 Hong Kong Ltd bought a new stake in shares of Semtech during the fourth quarter worth $6,764,000. Finally, ProShare Advisors LLC boosted its holdings in Semtech by 59.1% in the fourth quarter. ProShare Advisors LLC now owns 22,467 shares of the semiconductor company's stock valued at $1,390,000 after acquiring an additional 8,349 shares during the last quarter.

Insider Activity

In other Semtech news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares in the company, valued at $403,155. The trade was a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.60% of the company's stock.

Semtech Stock Down 0.7%

NASDAQ:SMTC opened at $39.64 on Friday. Semtech Co. has a 12-month low of $24.05 and a 12-month high of $79.52. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of -3.04, a P/E/G ratio of 2.12 and a beta of 1.88. The stock's 50 day moving average price is $32.87 and its two-hundred day moving average price is $47.73.

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Robert W. Baird lowered 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. Morgan Stanley assumed coverage on Semtech in a research note on Monday, April 7th. They issued an "equal weight" rating and a $30.00 price target on the stock. Stifel Nicolaus dropped their price objective on Semtech from $54.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Benchmark reduced their target price on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 price target (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Semtech has an average rating of "Moderate Buy" and a consensus target price of $56.92.

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.

Want to see what other hedge funds are holding SMTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Semtech Co. (NASDAQ:SMTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.