Summit Global Investments Invests $869,000 in Semtech Co. (NASDAQ:SMTC)

Summit Global Investments purchased a new position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,048 shares of the semiconductor company's stock, valued at approximately $869,000.

Several other institutional investors and hedge funds have also made changes to their positions in SMTC. Hollencrest Capital Management purchased a new stake in shares of Semtech in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC raised its holdings in shares of 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 acquiring an additional 505 shares during the last quarter. AlphaQuest LLC lifted its position in shares of Semtech by 173.5% in the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company's stock valued at $75,000 after acquiring an additional 772 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Semtech in the 4th quarter valued at about $91,000. Finally, Pacer Advisors Inc. boosted its stake in shares of Semtech by 51.1% during the 4th quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company's stock worth $109,000 after purchasing an additional 598 shares during the last quarter.

Insiders Place Their Bets

In other news, COO Asaf Silberstein sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the transaction, the chief operating officer now directly owns 76,417 shares of the company's stock, valued at approximately $5,349,190. This represents a 2.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Lin sold 1,359 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $65.15, for a total value of $88,538.85. Following the transaction, the chief financial officer now owns 4,164 shares of the company's stock, valued at $271,284.60. This represents a 24.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,577 shares of company stock valued at $884,310 in the last ninety days. Corporate insiders own 0.60% of the company's stock.

Remove Ads

Analysts Set New Price Targets

Several analysts have commented on the stock. Craig Hallum lowered their target price on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Northland Securities raised their price target on Semtech from $60.00 to $66.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 10th. UBS Group cut their price objective on shares of Semtech from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Robert W. Baird lowered their target price on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $54.00 price target on shares of Semtech in a research note on Friday, March 14th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $61.55.

Semtech Price Performance

SMTC traded down $1.74 during trading hours on Thursday, reaching $36.95. 1,888,916 shares of the stock traded hands, compared to its average volume of 2,208,158. Semtech Co. has a fifty-two week low of $25.78 and a fifty-two week high of $79.52. The company has a market cap of $2.80 billion, a price-to-earnings ratio of -2.83, a PEG ratio of 2.12 and a beta of 1.69. The firm's fifty day simple moving average is $47.38 and its two-hundred day simple moving average is $51.08.

Semtech (NASDAQ:SMTC - Get Free Report) last released its earnings results 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 business's quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.06) earnings per share. On average, research analysts predict that Semtech Co. will post -0.02 earnings per share for the current year.

Semtech Company Profile

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.