Geode Capital Management LLC Grows Stock Position in Semtech Co. (NASDAQ:SMTC)

Geode Capital Management LLC raised its holdings in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 12.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,815,515 shares of the semiconductor company's stock after purchasing an additional 197,732 shares during the quarter. Geode Capital Management LLC owned 2.40% of Semtech worth $112,317,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Captrust Financial Advisors bought a new position in Semtech in the 3rd quarter valued at $333,000. Stifel Financial Corp purchased a new stake in Semtech in the third quarter worth about $237,000. Wellington Management Group LLP bought a new position in Semtech during the 3rd quarter worth about $10,556,000. Y Intercept Hong Kong Ltd purchased a new position in Semtech during the 3rd quarter valued at about $763,000. Finally, Principal Financial Group Inc. raised its holdings 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 valued at $16,187,000 after purchasing an additional 33,606 shares in the last quarter.

Insider Buying and Selling

In related news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction that occurred on Wednesday, January 15th. The stock was 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 directly owns 76,417 shares in the company, valued at approximately $5,349,190. This trade represents a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Lin sold 2,990 shares of the firm's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total transaction of $177,755.50. Following the sale, the chief financial officer now owns 5,446 shares in the company, valued at approximately $323,764.70. This represents a 35.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,125 shares of company stock worth $905,394. 0.60% of the stock is owned by company insiders.

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Analyst Ratings Changes

SMTC has been the topic of a number of recent research reports. Robert W. Baird dropped their price objective on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. Stifel Nicolaus cut their price target on Semtech from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Craig Hallum decreased their price objective on Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Morgan Stanley began coverage on Semtech in a research note on Monday, April 7th. They issued an "equal weight" rating and a $30.00 target price on the stock. Finally, UBS Group reduced their target price on shares of Semtech from $65.00 to $60.00 and set a "buy" rating for the company in a report on Friday, March 14th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.92.

Semtech Stock Up 2.2 %

Shares of SMTC traded up $0.60 during trading hours on Tuesday, reaching $27.60. 294,110 shares of the company traded hands, compared to its average volume of 2,139,722. The business has a fifty day moving average price of $35.89 and a 200-day moving average price of $49.69. Semtech Co. has a 12-month low of $24.72 and a 12-month high of $79.52. The stock has a market capitalization of $2.39 billion, a P/E ratio of -2.11, a P/E/G ratio of 2.12 and a beta of 1.85.

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