Capital Research Global Investors Reduces Holdings in Semtech Co. (NASDAQ:SMTC)

Capital Research Global Investors lessened its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 44.9% during the 4th quarter, HoldingsChannel reports. The firm owned 2,133,109 shares of the semiconductor company’s stock after selling 1,739,913 shares during the period. Capital Research Global Investors’ holdings in Semtech were worth $131,933,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Hollencrest Capital Management purchased a new stake in Semtech in the 4th quarter valued at $31,000. Smartleaf Asset Management LLC grew its holdings in shares of Semtech by 190.6% in the fourth 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 period. AlphaQuest LLC increased its position in Semtech by 173.5% during the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 772 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Semtech during the fourth quarter worth about $91,000. Finally, Quadrant Capital Group LLC boosted its holdings in Semtech by 27.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company’s stock valued at $97,000 after purchasing an additional 337 shares during the last quarter.

Semtech Stock Up 0.9 %

NASDAQ:SMTC opened at $26.22 on Monday. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -2.01, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85. Semtech Co. has a 52 week low of $24.72 and a 52 week high of $79.52. The company has a fifty day simple moving average of $34.19 and a two-hundred day simple moving average of $49.24.

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

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 2,990 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total value of $177,755.50. Following the sale, the chief financial officer now directly owns 5,446 shares in the company, valued at $323,764.70. This trade represents a 35.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 16,787 shares of company stock worth $665,044 over the last 90 days. 0.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SMTC shares. Stifel Nicolaus cut their price target on shares of Semtech from $54.00 to $35.00 and set a “buy” rating for the company in a report on Thursday. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Semtech in a research note on Friday, March 14th. Craig Hallum reduced their target price on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Morgan Stanley initiated coverage on Semtech in a report on Monday, April 7th. They set an “equal weight” rating and a $30.00 price target for the company. Finally, Piper Sandler restated an “overweight” rating and issued a $55.00 price objective (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.33.

Semtech Company 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.