Renaissance Technologies LLC Sells 50,100 Shares of Semtech Co. (NASDAQ:SMTC)

Renaissance Technologies LLC lowered its position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 11.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 405,516 shares of the semiconductor company's stock after selling 50,100 shares during the quarter. Renaissance Technologies LLC owned about 0.54% of Semtech worth $25,081,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Moody National Bank Trust Division lifted its holdings in Semtech by 148.6% in the fourth quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company's stock worth $1,272,000 after acquiring an additional 12,296 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Semtech by 15.8% during the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company's stock valued at $25,396,000 after purchasing an additional 56,108 shares during the period. Rhumbline Advisers grew its holdings in Semtech by 6.1% during the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company's stock worth $12,702,000 after acquiring an additional 11,878 shares during the period. Convergence Investment Partners LLC bought a new stake in shares of Semtech in the 4th quarter worth approximately $2,680,000. Finally, Stephens Inc. AR acquired a new stake in shares of Semtech during the 4th quarter valued at $889,000.

Insider Activity

In related news, SVP Imran Sherazi sold 1,338 shares of Semtech stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the sale, the chief operating officer now directly owns 76,417 shares in the company, valued at approximately $5,349,190. This represents a 2.55 % 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. Corporate insiders own 0.60% of the company's stock.

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Semtech Price Performance

Shares of NASDAQ SMTC traded up $0.30 during trading hours on Tuesday, reaching $27.30. The stock had a trading volume of 1,588,711 shares, compared to its average volume of 2,127,862. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -2.09, a PEG ratio of 2.12 and a beta of 1.85. Semtech Co. has a twelve month low of $24.72 and a twelve month high of $79.52. The business's fifty day moving average is $35.23 and its two-hundred day moving average is $49.53.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share 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 the consensus estimate of $249.40 million. The business's revenue was up 30.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) EPS. Sell-side analysts forecast that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on SMTC shares. UBS Group cut their price objective on Semtech from $65.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, March 14th. Piper Sandler restated an "overweight" rating and issued a $55.00 price objective (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Craig Hallum reduced their price objective on shares of Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Needham & Company LLC restated a "buy" rating and set a $54.00 target price on shares of Semtech in a report on Friday, March 14th. Finally, Benchmark cut their price objective on Semtech from $82.00 to $68.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Three investment 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $58.92.

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.