Sherbrooke Park Advisers LLC Acquires New Position in Semtech Co. (NASDAQ:SMTC)

Sherbrooke Park Advisers LLC acquired a new stake in shares of Semtech Co. (NASDAQ:SMTC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 12,824 shares of the semiconductor company’s stock, valued at approximately $793,000.

Other hedge funds also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Semtech in the 4th quarter worth approximately $1,542,000. Point72 Asset Management L.P. bought a new position in Semtech in the 4th quarter worth approximately $27,524,000. Point72 Hong Kong Ltd bought a new position in Semtech in the 4th quarter worth approximately $6,764,000. ProShare Advisors LLC boosted its stake in Semtech by 59.1% in the 4th quarter. ProShare Advisors LLC now owns 22,467 shares of the semiconductor company’s stock worth $1,390,000 after purchasing an additional 8,349 shares during the period. Finally, Panoramic Capital LLC bought a new position in Semtech in the 4th quarter worth approximately $5,231,000.

Wall Street Analyst Weigh In

SMTC has been the subject of several recent analyst reports. UBS Group dropped their price target on Semtech from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Benchmark lowered their target price on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Craig Hallum lowered their target price on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Morgan Stanley initiated coverage on Semtech in a research report on Monday, April 7th. They set an “equal weight” rating and a $30.00 target price for the company. Finally, Piper Sandler reiterated an “overweight” rating and set a $55.00 target price (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.92.

Semtech Stock Down 0.7%

SMTC stock opened at $39.64 on Friday. The business’s fifty day simple moving average is $32.87 and its two-hundred day simple moving average is $47.73. Semtech Co. has a twelve month low of $24.05 and a twelve month high of $79.52. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of -3.04, a PEG ratio of 2.12 and a beta of 1.88.

Semtech (NASDAQ:SMTC) last released its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. During the same quarter in the previous year, the business earned ($0.06) EPS. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. Research analysts expect that Semtech Co. will post -0.02 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 2,907 shares of the firm’s stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total transaction of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares in the company, valued at approximately $508,368.51. This trade represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.60% of the company’s stock.

About Semtech

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.