Jennison Associates LLC Boosts Stock Holdings in Semtech Corporation $SMTC

Jennison Associates LLC lifted its position in shares of Semtech Corporation (NASDAQ:SMTC) by 60.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 643,828 shares of the semiconductor company’s stock after acquiring an additional 242,649 shares during the period. Jennison Associates LLC’s holdings in Semtech were worth $47,444,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Think Investments LP purchased a new stake in Semtech during the 3rd quarter valued at $58,618,000. Ameriprise Financial Inc. raised its stake in shares of Semtech by 10.3% in the second quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock worth $321,040,000 after purchasing an additional 666,456 shares during the last quarter. Atreides Management LP bought a new position in shares of Semtech during the second quarter valued at $29,880,000. Westfield Capital Management Co. LP lifted its holdings in shares of Semtech by 23.0% during the third quarter. Westfield Capital Management Co. LP now owns 3,380,373 shares of the semiconductor company’s stock valued at $241,528,000 after purchasing an additional 633,113 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Semtech by 199.3% during the third quarter. Schroder Investment Management Group now owns 879,880 shares of the semiconductor company’s stock valued at $62,867,000 after buying an additional 585,852 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SMTC. Morgan Stanley boosted their target price on Semtech from $75.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, March 16th. Oppenheimer raised their price target on shares of Semtech from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. TD Cowen reiterated a “buy” rating on shares of Semtech in a research note on Tuesday, February 24th. Stifel Nicolaus boosted their price objective on shares of Semtech from $90.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Finally, Wall Street Zen downgraded shares of Semtech from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 26th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $95.71.

Semtech Stock Up 6.9%

SMTC stock opened at $105.05 on Friday. Semtech Corporation has a fifty-two week low of $32.30 and a fifty-two week high of $113.05. The business’s 50-day moving average is $88.30 and its two-hundred day moving average is $79.64. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 2.37. The company has a market cap of $9.78 billion, a price-to-earnings ratio of -238.75 and a beta of 2.06.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Semtech had a positive return on equity of 18.09% and a negative net margin of 3.86%.The business had revenue of $274.40 million during the quarter, compared to the consensus estimate of $273.14 million. During the same period in the previous year, the company posted $0.40 EPS. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, analysts forecast that Semtech Corporation will post 1.6 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Mark Lin sold 9,186 shares of the business’s stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $75.05, for a total transaction of $689,409.30. Following the completion of the sale, the chief financial officer directly owned 32,710 shares in the company, valued at approximately $2,454,885.50. The trade was a 21.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jason Elliot Green sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $81.73, for a total transaction of $612,975.00. Following the sale, the executive vice president directly owned 8,811 shares of the company’s stock, valued at approximately $720,123.03. This represents a 45.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 46,384 shares of company stock valued at $3,920,140 in the last 90 days. 0.48% of the stock is owned by insiders.

Semtech Company Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.