Summit Global Investments Invests $869,000 in Semtech Co. (NASDAQ:SMTC)

Summit Global Investments acquired a new stake in Semtech Co. (NASDAQ:SMTC) during the 4th quarter, Holdings Channel reports. The fund acquired 14,048 shares of the semiconductor company’s stock, valued at approximately $869,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in shares of Semtech in the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its stake in Semtech by 190.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 505 shares during the last quarter. AlphaQuest LLC lifted its stake in Semtech by 173.5% in the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock valued at $75,000 after purchasing an additional 772 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Semtech in the fourth quarter valued at approximately $91,000. Finally, Pacer Advisors Inc. grew its stake in shares of Semtech by 51.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company’s stock worth $109,000 after buying an additional 598 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently commented on SMTC. Piper Sandler reissued an “overweight” rating and set a $55.00 price objective (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Stifel Nicolaus cut their price target on Semtech from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Benchmark lowered their price objective on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Roth Mkm lifted their target price on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, B. Riley boosted their target price on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.55.

Insiders Place Their Bets

In other news, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $75.00, for a total transaction of $100,350.00. Following the transaction, the senior vice president now owns 14 shares of the company’s stock, valued at $1,050. This represents a 98.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Lin sold 1,359 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $65.15, for a total value of $88,538.85. Following the completion of the sale, the chief financial officer now directly owns 4,164 shares of the company’s stock, valued at $271,284.60. The trade was a 24.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,577 shares of company stock worth $884,310. 0.60% of the stock is owned by corporate insiders.

Semtech Stock Performance

NASDAQ:SMTC opened at $39.62 on Monday. Semtech Co. has a 52 week low of $22.13 and a 52 week high of $79.52. The firm’s fifty day moving average is $49.04 and its 200-day moving average is $51.18. The firm has a market cap of $3.00 billion, a P/E ratio of -3.04, a P/E/G ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same period last year, the company posted ($0.06) EPS. The business’s revenue was up 30.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current 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.