Man Group plc Invests $4.88 Million in Semtech Co. (NASDAQ:SMTC)

Man Group plc acquired a new position in Semtech Co. (NASDAQ:SMTC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 78,873 shares of the semiconductor company’s stock, valued at approximately $4,878,000. Man Group plc owned about 0.10% of Semtech as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Semtech by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after acquiring an additional 1,326,226 shares during the last quarter. Hood River Capital Management LLC raised its holdings in Semtech by 1.8% during the 4th quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company’s stock valued at $213,385,000 after buying an additional 59,743 shares during the last quarter. Wellington Management Group LLP raised its holdings in Semtech by 827.0% during the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock valued at $132,550,000 after buying an additional 1,911,890 shares during the last quarter. Geode Capital Management LLC raised its holdings in Semtech by 12.2% during the 4th quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company’s stock valued at $112,317,000 after buying an additional 197,732 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in Semtech by 122.6% during the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock valued at $92,271,000 after buying an additional 821,671 shares during the last quarter.

Analyst Ratings Changes

A number of research firms recently commented on SMTC. Craig Hallum lowered their price target on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. UBS Group lowered their price target on shares of Semtech from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, May 5th. Piper Sandler reiterated an “overweight” rating and set a $55.00 price target (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Morgan Stanley started coverage on shares of Semtech in a report on Monday, April 7th. They set an “equal weight” rating and a $30.00 price target for the company. Finally, Stifel Nicolaus reduced their price objective on shares of Semtech from $54.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.92.

Semtech Price Performance

Shares of NASDAQ:SMTC opened at $39.35 on Wednesday. The company has a market capitalization of $3.41 billion, a P/E ratio of -3.02, a P/E/G ratio of 2.12 and a beta of 1.88. Semtech Co. has a 1-year low of $24.05 and a 1-year high of $79.52. The firm’s 50 day simple moving average is $33.30 and its two-hundred day simple moving average is $47.62.

Semtech (NASDAQ:SMTC) last released 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 company had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same quarter in the previous year, the business earned ($0.06) EPS. The company’s quarterly revenue was up 30.1% on a year-over-year basis. On average, sell-side analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 2,907 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the sale, the chief financial officer now directly owns 13,481 shares of the company’s stock, valued at approximately $508,368.51. The trade was a 17.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.60% of the company’s stock.

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.