Connors Investor Services Inc. Grows Position in Semtech Corporation $SMTC

Connors Investor Services Inc. raised its position in shares of Semtech Corporation (NASDAQ:SMTC) by 34.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,529 shares of the semiconductor company’s stock after buying an additional 16,679 shares during the quarter. Connors Investor Services Inc.’s holdings in Semtech were worth $2,913,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SMTC. Ameritas Advisory Services LLC purchased a new position in Semtech during the 2nd quarter valued at approximately $33,000. Smartleaf Asset Management LLC lifted its stake in shares of Semtech by 33.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 257 shares during the last quarter. Archer Investment Corp bought a new stake in shares of Semtech during the 1st quarter worth approximately $64,000. Strs Ohio bought a new stake in shares of Semtech during the 1st quarter worth approximately $65,000. Finally, Jones Financial Companies Lllp lifted its stake in shares of Semtech by 12,214.3% during the 1st quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company’s stock worth $89,000 after acquiring an additional 2,565 shares during the last quarter.

Insider Buying and Selling at Semtech

In related news, Director Martin Burvill sold 3,500 shares of the business’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total transaction of $219,625.00. Following the transaction, the director directly owned 6,909 shares in the company, valued at $433,539.75. The trade was a 33.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Lin sold 971 shares of the business’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $72.83, for a total value of $70,717.93. Following the transaction, the chief financial officer owned 17,844 shares in the company, valued at approximately $1,299,578.52. This trade represents a 5.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Semtech Stock Down 3.9%

Shares of SMTC stock opened at $65.13 on Thursday. Semtech Corporation has a 1-year low of $24.05 and a 1-year high of $79.52. The stock’s fifty day moving average price is $61.83 and its 200 day moving average price is $47.74. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.53 and a quick ratio of 1.78. The company has a market cap of $5.65 billion, a price-to-earnings ratio of 271.38 and a beta of 2.01.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SMTC shares. Cowen started coverage on Semtech in a research note on Tuesday, September 30th. They set a “buy” rating for the company. Craig Hallum raised their price objective on Semtech from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Piper Sandler raised their price objective on Semtech from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Needham & Company LLC raised their price objective on Semtech from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Finally, Wall Street Zen upgraded Semtech from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 18th. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.36.

Semtech 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.