ProShare Advisors LLC Increases Position in Semtech Corporation $SMTC

ProShare Advisors LLC grew its position in Semtech Corporation (NASDAQ:SMTC) by 10.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,879 shares of the semiconductor company’s stock after purchasing an additional 1,889 shares during the quarter. ProShare Advisors LLC’s holdings in Semtech were worth $897,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank increased its holdings in Semtech by 0.9% in the second quarter. Amalgamated Bank now owns 24,229 shares of the semiconductor company’s stock valued at $1,094,000 after buying an additional 214 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Semtech by 33.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 257 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Semtech by 78.4% in the 2nd quarter. Bessemer Group Inc. now owns 653 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 287 shares during the last quarter. Maryland State Retirement & Pension System raised its position in shares of Semtech by 1.4% during the 2nd quarter. Maryland State Retirement & Pension System now owns 25,457 shares of the semiconductor company’s stock worth $1,149,000 after acquiring an additional 356 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Semtech by 4.5% during the second quarter. Teacher Retirement System of Texas now owns 13,063 shares of the semiconductor company’s stock worth $590,000 after purchasing an additional 566 shares during the last quarter.

Semtech Trading Down 1.2%

NASDAQ SMTC opened at $64.66 on Tuesday. The firm’s fifty day moving average is $66.84 and its two-hundred day moving average is $53.35. Semtech Corporation has a one year low of $24.05 and a one year high of $79.52. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. The firm has a market cap of $5.61 billion, a PE ratio of 269.42 and a beta of 2.03.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Benchmark increased their price target on shares of Semtech from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, September 9th. Piper Sandler increased their target price on shares of Semtech from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. UBS Group lifted their price target on shares of Semtech from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Northland Securities boosted their price target on shares of Semtech from $48.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, August 26th. Finally, Stifel Nicolaus set a $80.00 price objective on Semtech in a report on Wednesday, October 1st. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.50.

Insider Activity at Semtech

In other Semtech news, Director Paul V. Walsh, Jr. sold 500 shares of Semtech stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $66.24, for a total value of $33,120.00. Following the transaction, the director directly owned 26,779 shares in the company, valued at approximately $1,773,840.96. This trade represents a 1.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Martin Burvill sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total value of $219,625.00. Following the sale, the director owned 6,909 shares of the company’s stock, valued at $433,539.75. This trade represents a 33.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 4,971 shares of company stock worth $323,463 in the last quarter. Company insiders own 0.48% of the company’s stock.

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.