Scotia Capital Inc. Buys Shares of 56,464 Semtech Co. (NASDAQ:SMTC)

Scotia Capital Inc. purchased a new stake in shares of Semtech Co. (NASDAQ:SMTC - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 56,464 shares of the semiconductor company's stock, valued at approximately $3,492,000. Scotia Capital Inc. owned about 0.07% of Semtech at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP boosted its stake in Semtech by 827.0% in the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company's stock valued at $132,550,000 after acquiring an additional 1,911,890 shares in the last quarter. Vanguard Group Inc. grew its position in Semtech by 13.0% during the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company's stock worth $713,906,000 after purchasing an additional 1,326,226 shares during the last quarter. Schroder Investment Management Group acquired a new position in Semtech in the fourth quarter valued at $27,254,000. Burkehill Global Management LP purchased a new position in shares of Semtech during the fourth quarter worth about $18,555,000. Finally, WCM Investment Management LLC purchased a new position in shares of Semtech in the 4th quarter valued at approximately $15,180,000.

Insider Buying and Selling at Semtech

In related news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the sale, the chief operating officer now directly owns 76,417 shares of the company's stock, valued at approximately $5,349,190. This represents a 2.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Lin sold 10,890 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the transaction, the chief financial officer now owns 11,625 shares of the company's stock, valued at approximately $403,155. This represents a 48.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,125 shares of company stock worth $905,394 over the last 90 days. Company insiders own 0.60% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. UBS Group dropped their target price on Semtech from $65.00 to $60.00 and set a "buy" rating on the stock in a research report on Friday, March 14th. Benchmark lowered their price target on shares of Semtech from $82.00 to $68.00 and set a "buy" rating for the company in a report on Friday, March 14th. Stifel Nicolaus lowered their price objective on shares of Semtech from $60.00 to $54.00 and set a "buy" rating for the company in a research note on Friday, March 14th. Piper Sandler restated an "overweight" rating and set a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, Robert W. Baird decreased their target price 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. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.92.

Semtech Stock Up 1.1 %

NASDAQ:SMTC traded up $0.30 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 capitalization of $2.36 billion, a P/E ratio of -2.09, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85. Semtech Co. has a 1-year low of $24.72 and a 1-year high of $79.52. The stock has a fifty day moving average price of $35.89 and a 200-day moving average price of $49.69.

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