Oppenheimer Asset Management Inc. Purchases 14,758 Shares of Semtech Co. (NASDAQ:SMTC)

Oppenheimer Asset Management Inc. boosted its stake in Semtech Co. (NASDAQ:SMTC - Free Report) by 99.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,613 shares of the semiconductor company's stock after acquiring an additional 14,758 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Semtech were worth $1,832,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Huntington National Bank boosted its stake in shares of Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 302 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Semtech by 4,464.9% in the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company's stock worth $77,000 after buying an additional 1,652 shares during the period. Pacer Advisors Inc. boosted its position in Semtech by 51.1% during 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. Van ECK Associates Corp purchased a new position in shares of Semtech during the 3rd quarter worth approximately $125,000. Finally, GAMMA Investing LLC raised its position in shares of Semtech by 15.3% in the 4th 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.

Insider Activity

In other news, CFO Mark Lin sold 6,114 shares of Semtech stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the sale, the chief financial officer now owns 3,531 shares in the company, valued at $232,127.94. This trade represents a 63.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Imran Sherazi sold 1,338 shares of the firm's stock in a transaction 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 transaction, the senior vice president now directly owns 14 shares of the company's stock, valued at $1,050. The trade was 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 worth $1,095,061 in the last three months. Company insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Benchmark upped their price target on Semtech from $56.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Piper Sandler reaffirmed an "overweight" rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Robert W. Baird lowered their price target on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. Susquehanna upped their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a "positive" rating in a report on Thursday, November 21st. Finally, UBS Group began coverage on shares of Semtech in a report on Friday, January 17th. They set a "buy" rating and a $85.00 target price for the company. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.91.

Semtech Stock Performance

Shares of SMTC stock traded down $2.61 during trading hours on Monday, reaching $35.58. The company had a trading volume of 2,368,571 shares, compared to its average volume of 2,808,412. The business has a fifty day moving average price of $57.53 and a 200-day moving average price of $51.47. Semtech Co. has a one year low of $21.48 and a one year high of $79.52. The firm has a market cap of $2.69 billion, a PE ratio of -2.73, a price-to-earnings-growth ratio of 2.12 and a beta of 1.64.

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.