Victory Capital Management Inc. lifted its stake in shares of Semtech Co. (NASDAQ:SMTC) by 60.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,220 shares of the semiconductor company’s stock after acquiring an additional 31,260 shares during the quarter. Victory Capital Management Inc. owned approximately 0.12% of Semtech worth $3,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of SMTC. AQR Capital Management LLC increased its holdings in Semtech by 1,022.5% in the second quarter. AQR Capital Management LLC now owns 430,187 shares of the semiconductor company’s stock worth $20,670,000 after purchasing an additional 391,863 shares in the last quarter. Securian Asset Management Inc bought a new stake in Semtech in the second quarter worth approximately $384,000. Laurion Capital Management LP bought a new stake in Semtech in the second quarter worth approximately $495,000. Renaissance Technologies LLC increased its holdings in Semtech by 2.6% in the second quarter. Renaissance Technologies LLC now owns 968,500 shares of the semiconductor company’s stock worth $46,536,000 after purchasing an additional 24,187 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Semtech in the second quarter worth approximately $557,000. Institutional investors own 96.31% of the company’s stock.
SMTC has been the subject of a number of research analyst reports. Wells Fargo & Co reiterated an “outperformer” rating and issued a $60.00 target price (down from $65.00) on shares of Semtech in a report on Thursday, August 29th. BidaskClub upgraded Semtech from a “sell” rating to a “hold” rating in a report on Monday, September 16th. Cowen lowered their target price on Semtech from $56.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Craig Hallum lowered their target price on Semtech from $9.00 to $6.00 in a report on Monday, September 23rd. Finally, Robert W. Baird set a $45.00 target price on Semtech and gave the stock a “buy” rating in a report on Monday, August 26th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $49.09.
Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Wednesday, August 28th. The semiconductor company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.03. The firm had revenue of $137.10 million during the quarter, compared to the consensus estimate of $134.85 million. Semtech had a return on equity of 12.91% and a net margin of 7.34%. The company’s quarterly revenue was down 16.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.55 earnings per share. As a group, equities research analysts forecast that Semtech Co. will post 1.06 EPS for the current fiscal year.
In other news, EVP John Michael Wilson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $48.00, for a total transaction of $240,000.00. Following the completion of the sale, the executive vice president now owns 92,074 shares in the company, valued at $4,419,552. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Mark C. Costello sold 8,951 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $46.80, for a total value of $418,906.80. Following the sale, the vice president now owns 3,090 shares of the company’s stock, valued at approximately $144,612. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,708 shares of company stock valued at $2,049,911. Corporate insiders own 1.96% of the company’s stock.
Semtech Company Profile
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications 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.
Further Reading: Support Level
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