Nicholas Investment Partners LP Acquires New Shares in Semtech Corporation $SMTC

Nicholas Investment Partners LP bought a new stake in Semtech Corporation (NASDAQ:SMTC) during the 2nd quarter, Holdings Channel reports. The fund bought 84,478 shares of the semiconductor company’s stock, valued at approximately $13,673,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Andar Capital Management HK Ltd acquired a new position in shares of Semtech during the 2nd quarter worth about $162,000,000. BlackRock Inc. bought a new stake in shares of Semtech in the second quarter worth about $1,577,947,000. Think Investments LP bought a new stake in Semtech during the 3rd quarter worth approximately $58,618,000. Ameriprise Financial Inc. raised its holdings in shares of Semtech by 10.3% during the second quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock worth $321,040,000 after acquiring an additional 666,456 shares during the period. Finally, Atreides Management LP acquired a new stake in shares of Semtech in the 2nd quarter valued at about $29,880,000.

Semtech Stock Performance

Shares of NASDAQ SMTC opened at $120.91 on Tuesday. The company has a current ratio of 2.37, a quick ratio of 1.62 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $11.26 billion, a P/E ratio of -310.03 and a beta of 2.35. Semtech Corporation has a 12 month low of $50.42 and a 12 month high of $177.35. The stock has a 50 day moving average of $136.80 and a 200-day moving average of $117.89.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. Semtech had a positive return on equity of 18.31% and a negative net margin of 3.05%.The business had revenue of $291.02 million for the quarter, compared to analysts’ expectations of $283.53 million. During the same quarter in the prior year, the business earned $0.38 EPS. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities research analysts predict that Semtech Corporation will post 1.81 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SMTC shares. UBS Group boosted their price objective on shares of Semtech from $165.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Roth Capital boosted their target price on shares of Semtech from $102.00 to $190.00 and gave the stock a “buy” rating in a report on Monday. Northland Securities lowered shares of Semtech from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 26th. Robert W. Baird increased their price target on shares of Semtech from $110.00 to $225.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Mizuho set a $225.00 price target on shares of Semtech in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.47.

Insider Activity

In other news, CEO Hong Q. Hou sold 2,000 shares of the firm’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $133.00, for a total transaction of $266,000.00. Following the completion of the sale, the chief executive officer owned 64,799 shares in the company, valued at approximately $8,618,267. This trade represents a 2.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Michael Wilson sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $170.00, for a total value of $935,000.00. Following the sale, the insider owned 80,876 shares of the company’s stock, valued at approximately $13,748,920. This represents a 6.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 21,734 shares of company stock valued at $3,133,986. 0.44% of the stock is owned by company insiders.

About Semtech

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.