Alliancebernstein L.P. Cuts Position in Semtech Co. (NASDAQ:SMTC)

Alliancebernstein L.P. decreased its holdings in Semtech Co. (NASDAQ:SMTC - Free Report) by 25.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,308,945 shares of the semiconductor company's stock after selling 1,130,995 shares during the quarter. Alliancebernstein L.P. owned 4.37% of Semtech worth $204,658,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in shares of Semtech by 827.0% in the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock valued at $132,550,000 after buying an additional 1,911,890 shares in the last quarter. Vanguard Group Inc. grew its holdings in Semtech by 13.0% during the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock worth $713,906,000 after acquiring an additional 1,326,226 shares during the last quarter. Whale Rock Capital Management LLC bought a new position in Semtech during the 3rd quarter worth $32,126,000. Schroder Investment Management Group acquired a new position in shares of Semtech in the fourth quarter worth approximately $27,254,000. Finally, Burkehill Global Management LP bought a new stake in Semtech in the fourth quarter valued at approximately $18,555,000.

Insider Activity at Semtech

In other news, SVP Imran Sherazi sold 1,338 shares of the company's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the transaction, the senior vice president now owns 14 shares of the company's stock, valued at approximately $1,050. This represents a 98.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Mark Lin sold 1,359 shares of the business's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $65.15, for a total transaction of $88,538.85. Following the completion of the sale, the chief financial officer now directly owns 4,164 shares of the company's stock, valued at approximately $271,284.60. This trade represents a 24.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,484 shares of company stock valued at $993,933. Corporate insiders own 0.60% of the company's stock.

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Semtech Price Performance

Semtech stock traded up $1.76 during mid-day trading on Wednesday, reaching $36.62. The stock had a trading volume of 1,691,067 shares, compared to its average volume of 2,187,755. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of -2.81, a PEG ratio of 2.12 and a beta of 1.69. Semtech Co. has a one year low of $27.25 and a one year high of $79.52. The company has a 50-day moving average price of $43.50 and a two-hundred day moving average price of $50.91.

Semtech (NASDAQ:SMTC - Get Free Report) last announced its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same period in the previous year, the company earned ($0.06) earnings per share. The company's revenue for the quarter was up 30.1% compared to the same quarter last year. On average, equities research analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on SMTC. Benchmark cut their price target on shares of Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. UBS Group dropped their target price on 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 decreased their price objective on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Northland Securities raised their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an "outperform" rating in a report on Tuesday, December 10th. Finally, Craig Hallum decreased their price objective on Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a report on Friday, March 14th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $61.55.

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.