Semtech Co. (NASDAQ:SMTC) Stock Position Raised by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury grew its holdings in Semtech Co. (NASDAQ:SMTC) by 26.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,185 shares of the semiconductor company’s stock after purchasing an additional 6,926 shares during the period. State of Tennessee Department of Treasury’s holdings in Semtech were worth $2,052,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after acquiring an additional 1,326,226 shares in the last quarter. Wellington Management Group LLP boosted its position in Semtech by 827.0% during the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after purchasing an additional 1,911,890 shares during the period. Geode Capital Management LLC grew its holdings in Semtech by 12.2% during the fourth quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company’s stock valued at $112,317,000 after purchasing an additional 197,732 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Semtech by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,061,871 shares of the semiconductor company’s stock valued at $65,677,000 after purchasing an additional 3,991 shares during the last quarter. Finally, Portolan Capital Management LLC grew its holdings in Semtech by 609.5% during the fourth quarter. Portolan Capital Management LLC now owns 667,211 shares of the semiconductor company’s stock valued at $41,267,000 after purchasing an additional 573,175 shares during the last quarter.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the transaction, the chief financial officer now owns 13,481 shares in the company, valued at approximately $508,368.51. This represents a 17.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 16,787 shares of company stock valued at $665,044 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SMTC shares. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research note on Friday, March 14th. Robert W. Baird decreased their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. UBS Group decreased their price target on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Morgan Stanley assumed coverage on Semtech in a report on Monday, April 7th. They set an “equal weight” rating and a $30.00 price objective for the company. Finally, Piper Sandler reissued an “overweight” rating and set a $55.00 price objective (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Three equities research 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.33.

Semtech Price Performance

Shares of NASDAQ SMTC opened at $29.93 on Tuesday. The company’s 50 day simple moving average is $33.04 and its 200 day simple moving average is $48.61. Semtech Co. has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The firm has a market capitalization of $2.59 billion, a P/E ratio of -2.29, a P/E/G ratio of 2.12 and a beta of 1.85.

Semtech (NASDAQ:SMTC) last issued its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. During the same period in the previous year, the company posted ($0.06) EPS. The firm’s revenue for the quarter was up 30.1% on a year-over-year basis. Sell-side analysts expect that Semtech Co. will post -0.02 EPS for the current fiscal year.

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.