Capital Research Global Investors Sells 1,739,913 Shares of Semtech Co. (NASDAQ:SMTC)

Capital Research Global Investors reduced its position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 44.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,133,109 shares of the semiconductor company's stock after selling 1,739,913 shares during the quarter. Capital Research Global Investors owned 2.82% of Semtech worth $131,933,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Stifel Financial Corp purchased a new stake in Semtech during the third quarter valued at approximately $237,000. Principal Financial Group Inc. grew its stake in shares of Semtech by 10.5% in the 3rd quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company's stock worth $16,187,000 after buying an additional 33,606 shares in the last quarter. GAMMA Investing LLC raised its position in Semtech by 15.3% during the fourth quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company's stock valued at $196,000 after purchasing an additional 421 shares during the period. Harbor Capital Advisors Inc. increased its position in Semtech by 117.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 92,395 shares of the semiconductor company's stock valued at $5,715,000 after acquiring an additional 49,835 shares during the last quarter. Finally, Moody National Bank Trust Division raised its position in Semtech by 148.6% in the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company's stock worth $1,272,000 after purchasing an additional 12,296 shares during the period.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 2,907 shares of the company's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the transaction, the chief financial officer now owns 13,481 shares of the company's stock, valued at $508,368.51. This represents a 17.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 16,787 shares of company stock valued at $665,044 over the last ninety days. Corporate insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

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

Semtech Stock Performance

Shares of NASDAQ:SMTC traded up $2.46 during trading on Wednesday, reaching $27.15. 3,187,187 shares of the stock were exchanged, compared to its average volume of 2,116,277. Semtech Co. has a 12-month low of $24.05 and a 12-month high of $79.52. The firm's 50-day moving average price is $33.50 and its 200 day moving average price is $48.80. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of -2.08, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to analysts' expectations of $249.40 million. During the same period in the prior year, the company posted ($0.06) EPS. The company's revenue for the quarter was up 30.1% on a year-over-year basis. As a group, equities research analysts forecast that Semtech Co. will post -0.02 EPS for the current year.

Semtech 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.