Shellback Capital LP Invests $5.24 Million in Semtech Co. (NASDAQ:SMTC)

Shellback Capital LP purchased a new position in shares of Semtech Co. (NASDAQ:SMTC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 84,719 shares of the semiconductor company’s stock, valued at approximately $5,240,000. Shellback Capital LP owned about 0.11% of Semtech as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in Semtech in the 4th quarter worth approximately $31,000. Dunhill Financial LLC bought a new stake in shares of Semtech in the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC lifted its stake in Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 505 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Semtech in the fourth quarter worth $52,000. Finally, AlphaQuest LLC lifted its stake in Semtech by 173.5% in 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.

Semtech Stock Down 0.7%

Semtech stock opened at $39.64 on Friday. The company has a market capitalization of $3.43 billion, a P/E ratio of -3.04, a PEG ratio of 2.12 and a beta of 1.88. Semtech Co. has a twelve month low of $24.05 and a twelve month high of $79.52. The stock’s 50 day moving average is $32.87 and its 200 day moving average is $47.73.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 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 company’s quarterly revenue was up 30.1% on a year-over-year basis. During the same period last year, the business earned ($0.06) earnings per share. As a group, equities analysts expect that Semtech Co. will post -0.02 EPS for the current year.

Analyst Ratings Changes

SMTC has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of Semtech in a research note on Friday, March 14th. Piper Sandler reissued an “overweight” rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. UBS Group cut their price objective on Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Robert W. Baird dropped their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Finally, Craig Hallum dropped their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Three investment 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.92.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 2,907 shares of the business’s stock in a transaction dated Thursday, March 27th. The stock was 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 in the company, valued at $508,368.51. The trade was a 17.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.60% of the stock is currently owned by insiders.

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.