Russell Investments Group Ltd. Grows Stock Position in Semtech Co. (NASDAQ:SMTC)

Russell Investments Group Ltd. increased its position in Semtech Co. (NASDAQ:SMTC - Free Report) by 10.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 204,696 shares of the semiconductor company's stock after purchasing an additional 18,664 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.27% of Semtech worth $12,661,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SMTC. Captrust Financial Advisors bought a new position in shares of Semtech during the third quarter valued at approximately $333,000. Stifel Financial Corp purchased a new stake in Semtech during the third quarter worth $237,000. Wellington Management Group LLP bought a new stake in Semtech during the 3rd quarter valued at $10,556,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Semtech in the 3rd quarter valued at $763,000. Finally, Geode Capital Management LLC raised its position in shares of Semtech by 8.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company's stock worth $73,883,000 after acquiring an additional 119,572 shares in the last quarter.

Semtech Stock Down 2.9 %

Shares of Semtech stock traded down $0.78 during mid-day trading on Wednesday, reaching $26.52. 656,202 shares of the stock traded hands, compared to its average volume of 2,122,190. The business has a 50-day moving average of $35.23 and a 200 day moving average of $49.53. The stock has a market capitalization of $2.29 billion, a PE ratio of -2.04, a PEG ratio of 2.12 and a beta of 1.85. Semtech Co. has a fifty-two week low of $24.72 and a fifty-two week high of $79.52.

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Semtech (NASDAQ:SMTC - Get Free Report) last announced its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to analyst estimates 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 earned ($0.06) EPS. On average, equities research analysts expect that Semtech Co. will post -0.02 EPS for the current fiscal year.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Imran Sherazi sold 1,338 shares of the business's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total value of $100,350.00. Following the transaction, the senior vice president now directly owns 14 shares in the company, valued at $1,050. This trade represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,125 shares of company stock worth $765,394 in the last ninety days. Insiders own 0.60% of the company's stock.

Analyst Upgrades and Downgrades

SMTC has been the topic of several analyst reports. Stifel Nicolaus cut their target price on Semtech from $60.00 to $54.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 target price on shares of Semtech in a research note 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 on the stock in a report on Friday, February 7th. Morgan Stanley initiated coverage on Semtech in a research note on Monday, April 7th. They issued an "equal weight" rating and a $30.00 target price for the company. Finally, Craig Hallum dropped their price target on Semtech from $70.00 to $55.00 and set a "buy" rating on the stock in a research note on Friday, March 14th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Semtech currently has a consensus rating of "Moderate Buy" and an average target price of $58.92.

About Semtech

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.