Northwestern Mutual Wealth Management Co. reduced its position in Semtech Co. (NASDAQ:SMTC – Get Rating) by 28.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 920 shares of the semiconductor company’s stock after selling 367 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Semtech were worth $64,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in SMTC. Assenagon Asset Management S.A. raised its holdings in Semtech by 1,055.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 558,682 shares of the semiconductor company’s stock worth $38,739,000 after acquiring an additional 510,313 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Semtech by 54.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 469,884 shares of the semiconductor company’s stock valued at $41,787,000 after buying an additional 166,477 shares during the last quarter. Nishkama Capital LLC raised its stake in Semtech by 139.2% during the 4th quarter. Nishkama Capital LLC now owns 265,024 shares of the semiconductor company’s stock valued at $23,569,000 after buying an additional 154,207 shares during the last quarter. Panagora Asset Management Inc. raised its stake in Semtech by 1,600.5% during the 4th quarter. Panagora Asset Management Inc. now owns 119,153 shares of the semiconductor company’s stock valued at $10,596,000 after buying an additional 112,146 shares during the last quarter. Finally, Woodline Partners LP raised its stake in Semtech by 94.2% during the 4th quarter. Woodline Partners LP now owns 218,447 shares of the semiconductor company’s stock valued at $19,426,000 after buying an additional 105,965 shares during the last quarter. 96.33% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts have weighed in on SMTC shares. Cowen decreased their target price on shares of Semtech to $85.00 in a research note on Friday, June 3rd. Needham & Company LLC downgraded shares of Semtech to a “hold” rating in a research report on Tuesday, August 9th. Susquehanna Bancshares cut their price objective on shares of Semtech from $75.00 to $72.00 and set a “neutral” rating for the company in a research report on Wednesday, June 1st. Oppenheimer cut their price objective on shares of Semtech from $100.00 to $85.00 in a research report on Thursday, May 26th. Finally, Benchmark reissued an “initiates” rating on shares of Semtech in a research report on Thursday, July 28th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and an average target price of $81.00.
Insider Buying and Selling
In other Semtech news, EVP Asaf Silberstein sold 1,971 shares of the business’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $62.60, for a total value of $123,384.60. Following the sale, the executive vice president now owns 59,000 shares in the company, valued at approximately $3,693,400. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by insiders.
Semtech Trading Down 6.4 %
Shares of Semtech stock opened at $48.99 on Friday. The company has a market capitalization of $3.11 billion, a P/E ratio of 22.79, a P/E/G ratio of 1.23 and a beta of 1.53. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.52 and a current ratio of 4.49. The company has a fifty day moving average of $54.78 and a 200 day moving average of $60.74. Semtech Co. has a fifty-two week low of $48.75 and a fifty-two week high of $94.92.
Semtech (NASDAQ:SMTC – Get Rating) last issued its earnings results on Wednesday, June 1st. The semiconductor company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. The company had revenue of $202.10 million during the quarter, compared to the consensus estimate of $199.98 million. Semtech had a net margin of 18.15% and a return on equity of 20.24%. Semtech’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. On average, sell-side analysts anticipate that Semtech Co. will post 2.75 earnings per share for the current fiscal year.
Semtech Company Profile
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.
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