Convergence Investment Partners LLC Invests $2.68 Million in Semtech Co. (NASDAQ:SMTC)

Convergence Investment Partners LLC bought a new stake in Semtech Co. (NASDAQ:SMTC - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 43,332 shares of the semiconductor company's stock, valued at approximately $2,680,000. Convergence Investment Partners LLC owned 0.06% of Semtech at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SMTC. Huntington National Bank raised its holdings in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock worth $27,000 after buying an additional 302 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Semtech by 15.3% during the fourth quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company's stock worth $196,000 after acquiring an additional 421 shares in the last quarter. Hanseatic Management Services Inc. raised its holdings in shares of Semtech by 3.2% in the 3rd quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company's stock worth $658,000 after acquiring an additional 447 shares during the last quarter. Pacer Advisors Inc. lifted its position in Semtech by 51.1% in the 4th quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company's stock valued at $109,000 after acquiring an additional 598 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in Semtech by 6.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company's stock valued at $515,000 after purchasing an additional 673 shares during the last quarter.

Semtech Trading Down 4.2 %

Shares of NASDAQ:SMTC traded down $1.61 during mid-day trading on Friday, reaching $37.10. The company had a trading volume of 2,266,338 shares, compared to its average volume of 2,906,474. The company's 50-day moving average price is $60.86 and its 200-day moving average price is $50.89. Semtech Co. has a one year low of $19.76 and a one year high of $79.52. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -2.84, a PEG ratio of 2.07 and a beta of 1.64.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. The firm's revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.02 EPS. On average, research analysts anticipate that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 6,114 shares of the company's stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total transaction of $401,934.36. Following the sale, the chief financial officer now directly owns 3,531 shares in the company, valued at $232,127.94. This represents a 63.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Imran Sherazi sold 1,338 shares of the firm's stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $75.00, for a total transaction of $100,350.00. Following the completion of the transaction, the senior vice president now owns 14 shares of the company's stock, valued at $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,747 shares of company stock valued at $1,095,061 in the last 90 days. 0.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Craig Hallum increased their price objective on Semtech from $48.00 to $70.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Needham & Company LLC dropped their price objective on Semtech from $74.00 to $54.00 and set a "buy" rating on the stock in a research note on Monday, February 10th. Northland Securities lifted 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. Roth Mkm increased their target price on shares of Semtech from $50.00 to $60.00 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Benchmark boosted their price target on shares of Semtech from $56.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $67.91.

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.