Convergence Investment Partners LLC Buys Shares of 43,332 Semtech Co. (NASDAQ:SMTC)

Convergence Investment Partners LLC bought a new stake in shares of Semtech Co. (NASDAQ:SMTC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 43,332 shares of the semiconductor company’s stock, valued at approximately $2,680,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Huntington National Bank grew its position in shares of Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares during the period. International Assets Investment Management LLC grew its position in shares of Semtech by 4,464.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock worth $77,000 after buying an additional 1,652 shares during the period. Pacer Advisors Inc. grew its position in shares of Semtech by 51.1% during the 4th 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 period. Van ECK Associates Corp acquired a new stake in shares of Semtech during the 3rd quarter worth approximately $125,000. Finally, CWM LLC grew its position in shares of Semtech by 33.9% during the 3rd quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock worth $147,000 after buying an additional 818 shares during the period.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 2,990 shares of Semtech stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total value of $177,755.50. Following the completion of the sale, the chief financial officer now owns 5,446 shares of the company’s stock, valued at approximately $323,764.70. This trade represents a 35.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of Semtech stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the sale, the senior vice president now directly owns 14 shares of the company’s stock, valued at approximately $1,050. This trade represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,747 shares of company stock worth $1,095,061 in the last ninety days. Company insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Susquehanna increased their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Roth Mkm increased their target price on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Northland Securities increased their target price on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Finally, Robert W. Baird cut their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Trading Down 0.9 %

NASDAQ SMTC opened at $37.05 on Wednesday. Semtech Co. has a one year low of $19.39 and a one year high of $79.52. The business’s fifty day moving average is $61.90 and its 200-day moving average is $51.06.

Semtech (NASDAQ:SMTC) last released its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.02 earnings per share. Equities analysts predict that Semtech Co. will post -0.02 EPS for the current year.

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.