CANADA LIFE ASSURANCE Co Raises Stock Position in Semtech Co. (NASDAQ:SMTC)

CANADA LIFE ASSURANCE Co boosted its position in Semtech Co. (NASDAQ:SMTC - Free Report) by 17.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,917 shares of the semiconductor company's stock after purchasing an additional 15,492 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.14% of Semtech worth $6,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Semtech Stock Performance

Shares of Semtech stock opened at $24.69 on Wednesday. The company's 50 day moving average price is $33.70 and its 200-day moving average price is $48.95. Semtech Co. has a 52-week low of $24.05 and a 52-week high of $79.52. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of -1.89, a P/E/G ratio of 2.12 and a beta of 1.85.

Semtech (NASDAQ:SMTC - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $251.00 million during the quarter, compared to analysts' expectations of $249.40 million. Semtech's revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) EPS. As a group, equities research analysts forecast that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Stifel Nicolaus dropped their target price on shares of Semtech from $54.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Benchmark cut their target price on shares of Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a research report on Friday, March 14th. Morgan Stanley began coverage on Semtech in a research report on Monday, April 7th. They set an "equal weight" rating and a $30.00 price target on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 price objective on shares of Semtech in a report on Friday, March 14th. Finally, Piper Sandler reissued an "overweight" rating and set a $55.00 price objective (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.33.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the sale, the chief financial officer now owns 11,625 shares of the company's stock, valued at approximately $403,155. The trade was a 48.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 16,787 shares of company stock worth $665,044. 0.60% of the stock is currently owned by company insiders.

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.

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