Granahan Investment Management LLC Acquires 255,583 Shares of Semtech Co. (NASDAQ:SMTC)

Granahan Investment Management LLC boosted its stake in shares of Semtech Co. (NASDAQ:SMTC) by 126.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 458,075 shares of the semiconductor company’s stock after acquiring an additional 255,583 shares during the quarter. Semtech comprises about 1.2% of Granahan Investment Management LLC’s investment portfolio, making the stock its 24th biggest position. Granahan Investment Management LLC’s holdings in Semtech were worth $28,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of Semtech during the 4th quarter valued at approximately $31,000. Dunhill Financial LLC purchased a new position in Semtech during the fourth quarter worth $31,000. Smartleaf Asset Management LLC increased its position in Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 505 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of Semtech in the fourth quarter valued at $52,000. Finally, AlphaQuest LLC lifted its holdings in shares of Semtech by 173.5% in the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after acquiring an additional 772 shares during the last quarter.

Semtech Stock Performance

NASDAQ SMTC opened at $35.07 on Friday. Semtech Co. has a one year low of $24.05 and a one year high of $79.52. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -2.69, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88. The company’s 50-day simple moving average is $32.41 and its two-hundred day simple moving average is $47.88.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. The business’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.06) earnings per share. Equities analysts expect that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the transaction, the chief financial officer now owns 13,481 shares of the company’s stock, valued at $508,368.51. The trade was a 17.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. UBS Group reduced their price objective on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Benchmark reduced their price target on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Morgan Stanley initiated coverage on Semtech in a research report on Monday, April 7th. They issued an “equal weight” rating and a $30.00 price objective on the stock. Piper Sandler reiterated an “overweight” rating and issued a $55.00 target price (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, Craig Hallum cut their price target on shares of Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Three 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 presently has an average rating of “Moderate Buy” and a consensus target price of $56.92.

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.