KLP Kapitalforvaltning AS Purchases New Shares in Semtech Co. (NASDAQ:SMTC)

KLP Kapitalforvaltning AS acquired a new stake in Semtech Co. (NASDAQ:SMTC - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 17,100 shares of the semiconductor company's stock, valued at approximately $1,058,000.

Several other hedge funds have also added to or reduced their stakes in SMTC. Moody National Bank Trust Division raised its stake in shares of Semtech by 148.6% during the fourth quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company's stock valued at $1,272,000 after acquiring an additional 12,296 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Semtech by 15.8% during the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock worth $25,396,000 after buying an additional 56,108 shares during the period. Rhumbline Advisers grew its position in shares of Semtech by 6.1% in the 4th quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock valued at $12,702,000 after buying an additional 11,878 shares during the last quarter. Convergence Investment Partners LLC acquired a new stake in shares of Semtech in the fourth quarter valued at about $2,680,000. Finally, Stephens Inc. AR bought a new position in shares of Semtech during the fourth quarter worth about $889,000.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SMTC. Craig Hallum lowered their price target on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a report on Friday, March 14th. Needham & Company LLC reissued a "buy" rating and set a $54.00 target price on shares of Semtech in a research note on Friday, March 14th. UBS Group cut their price target on shares of Semtech from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Piper Sandler reissued an "overweight" rating and issued a $55.00 price objective (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Finally, Northland Securities upped their target price on Semtech from $60.00 to $66.00 and gave the company an "outperform" rating in a research report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $61.55.

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Insider Buying and Selling

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were 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 owns 76,417 shares in the company, valued at $5,349,190. This trade 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 is available through this link. Also, 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 owns 13,481 shares in the company, valued at approximately $508,368.51. This trade represents a 17.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,484 shares of company stock worth $993,933. 0.60% of the stock is owned by corporate insiders.

Semtech Trading Up 1.3 %

SMTC stock traded up $0.46 during midday trading on Tuesday, hitting $34.86. The company's stock had a trading volume of 2,320,731 shares, compared to its average volume of 2,192,130. Semtech Co. has a 12 month low of $27.25 and a 12 month high of $79.52. The company has a market cap of $3.02 billion, a PE ratio of -2.67, a P/E/G ratio of 2.12 and a beta of 1.69. The firm's 50-day moving average is $44.28 and its 200-day moving average is $51.01.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analysts' expectations of $249.40 million. During the same quarter in the prior year, the business posted ($0.06) EPS. The company's revenue for the quarter was up 30.1% compared to the same quarter last year. Analysts expect that Semtech Co. will post -0.02 earnings per share for the current year.

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.