Prudential Financial Inc. Buys 51,825 Shares of Semtech Co. (NASDAQ:SMTC)

Prudential Financial Inc. grew its holdings in Semtech Co. (NASDAQ:SMTC - Free Report) by 67.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 128,878 shares of the semiconductor company's stock after buying an additional 51,825 shares during the period. Prudential Financial Inc. owned 0.17% of Semtech worth $7,971,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Corebridge Financial Inc. boosted its holdings in shares of Semtech by 4.0% during the 4th quarter. Corebridge Financial Inc. now owns 39,097 shares of the semiconductor company's stock worth $2,418,000 after buying an additional 1,503 shares during the period. Vanguard Group Inc. lifted its position in Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock worth $713,906,000 after acquiring an additional 1,326,226 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Semtech by 18.3% during the fourth quarter. LPL Financial LLC now owns 19,154 shares of the semiconductor company's stock worth $1,185,000 after acquiring an additional 2,965 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Semtech in the fourth quarter valued at approximately $1,058,000. Finally, Sei Investments Co. lifted its holdings in Semtech by 23.1% during the 4th quarter. Sei Investments Co. now owns 194,544 shares of the semiconductor company's stock worth $12,033,000 after purchasing an additional 36,558 shares during the last quarter.

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Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Stifel Nicolaus decreased their price objective on Semtech from $60.00 to $54.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Robert W. Baird dropped their price objective on shares of Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Craig Hallum decreased their target price on shares of Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Northland Securities lifted their price target on shares of Semtech from $60.00 to $66.00 and gave the company an "outperform" rating in a research report on Tuesday, December 10th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $55.00 price target (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.55.

Semtech Price Performance

NASDAQ:SMTC traded up $0.46 during trading hours on Tuesday, hitting $34.86. The company's stock had a trading volume of 2,320,731 shares, compared to its average volume of 2,215,544. Semtech Co. has a twelve month low of $27.25 and a twelve month high of $79.52. The stock has a fifty day simple moving average of $45.13 and a 200-day simple moving average of $51.06. The company has a market capitalization of $3.02 billion, a P/E ratio of -2.67, a PEG ratio of 2.12 and a beta of 1.69.

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

Insider Activity

In related news, CFO Mark Lin sold 1,359 shares of the firm's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $65.15, for a total value of $88,538.85. Following the completion of the transaction, the chief financial officer now owns 4,164 shares in the company, valued at $271,284.60. This trade represents a 24.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Imran Sherazi sold 1,338 shares of Semtech stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the sale, the senior vice president now owns 14 shares in the company, valued at approximately $1,050. This represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,484 shares of company stock worth $993,933. Insiders own 0.60% of the company's stock.

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.