Summit Creek Advisors LLC purchased a new stake in Semtech Co. (NASDAQ:SMTC – Get Rating) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 93,489 shares of the semiconductor company’s stock, valued at approximately $6,483,000. Summit Creek Advisors LLC owned about 0.15% of Semtech at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMTC. Sageworth Trust Co of South Dakota acquired a new stake in Semtech in the 4th quarter valued at $25,000. Private Capital Group LLC increased its stake in Semtech by 132.4% in the 1st quarter. Private Capital Group LLC now owns 588 shares of the semiconductor company’s stock valued at $41,000 after buying an additional 335 shares during the last quarter. First Horizon Advisors Inc. increased its stake in shares of Semtech by 107.2% during the 4th quarter. First Horizon Advisors Inc. now owns 487 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 252 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Semtech during the 4th quarter worth about $56,000. Finally, Covestor Ltd acquired a new position in shares of Semtech during the 4th quarter worth about $56,000. 96.33% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms have recently weighed in on SMTC. B. Riley lowered shares of Semtech from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $87.00 to $65.00 in a research note on Wednesday, June 15th. Benchmark restated an “initiates” rating on shares of Semtech in a research note on Thursday, July 28th. Oppenheimer lowered their price objective on shares of Semtech from $100.00 to $85.00 in a research note on Thursday, May 26th. Susquehanna Bancshares lowered their price objective on shares of Semtech from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 1st. Finally, Cowen reduced their target price on shares of Semtech to $85.00 in a report on Friday, June 3rd. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.64.
Semtech Stock Performance
Semtech (NASDAQ:SMTC – Get Rating) last posted its quarterly earnings data on Wednesday, June 1st. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. The firm had revenue of $202.10 million during the quarter, compared to the consensus estimate of $199.98 million. Semtech had a net margin of 18.15% and a return on equity of 20.24%. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS. Analysts anticipate that Semtech Co. will post 2.75 earnings per share for the current year.
Insider Buying and Selling at Semtech
In other news, EVP Asaf Silberstein sold 1,971 shares of the business’s stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $62.60, for a total value of $123,384.60. Following the completion of the transaction, the executive vice president now directly owns 59,000 shares in the company, valued at approximately $3,693,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.30% of the company’s stock.
Semtech Company Profile
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.
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