Teachers Retirement System of The State of Kentucky Raises Stake in Semtech Co. (NASDAQ:SMTC)

Teachers Retirement System of The State of Kentucky increased its stake in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 58.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,339 shares of the semiconductor company's stock after acquiring an additional 12,975 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Semtech were worth $2,186,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of SMTC. Wellington Management Group LLP grew 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 during the period. Vanguard Group Inc. lifted its holdings in shares of Semtech by 13.0% in 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 in the last quarter. Capital World Investors bought a new position in shares of Semtech in the 4th quarter worth $37,110,000. Portolan Capital Management LLC increased its stake in Semtech by 609.5% during the 4th quarter. Portolan Capital Management LLC now owns 667,211 shares of the semiconductor company's stock valued at $41,267,000 after purchasing an additional 573,175 shares in the last quarter. Finally, Schroder Investment Management Group acquired a new position in Semtech during the fourth quarter worth $27,254,000.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 2,907 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the sale, the chief financial officer now owns 13,481 shares of the company's stock, valued at $508,368.51. The trade was a 17.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 16,787 shares of company stock valued at $665,044 over the last ninety days. 0.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

SMTC has been the subject of a number of analyst reports. Benchmark reduced their price objective 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. Robert W. Baird cut their price target on Semtech from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price objective on shares of Semtech in a research note on Friday, March 14th. Piper Sandler restated an "overweight" rating and issued a $55.00 target price (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Finally, Craig Hallum decreased their price target on Semtech from $70.00 to $55.00 and set a "buy" rating for the company in a report 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's stock. Based on data from MarketBeat, Semtech presently has an average rating of "Moderate Buy" and a consensus target price of $57.33.

Semtech Trading Down 0.3 %

Shares of NASDAQ:SMTC traded down $0.10 during midday trading on Monday, reaching $29.93. The company had a trading volume of 1,918,970 shares, compared to its average volume of 2,114,143. The stock has a market cap of $2.59 billion, a P/E ratio of -2.29, a P/E/G ratio of 2.12 and a beta of 1.85. The company's 50 day moving average price is $33.04 and its 200 day moving average price is $48.61. Semtech Co. has a 52-week low of $24.05 and a 52-week high of $79.52.

Semtech (NASDAQ:SMTC - Get Free Report) last released 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 company had revenue of $251.00 million during the quarter, compared to analysts' expectations of $249.40 million. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. The firm's revenue was up 30.1% compared to the same quarter last year. Research analysts forecast that Semtech Co. will post -0.02 EPS for the current fiscal year.

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.