AlphaQuest LLC Increases Stock Position in Semtech Co. (NASDAQ:SMTC)

AlphaQuest LLC boosted its stake in shares of Semtech Co. (NASDAQ:SMTC) by 173.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,217 shares of the semiconductor company’s stock after buying an additional 772 shares during the quarter. AlphaQuest LLC’s holdings in Semtech were worth $75,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SMTC. Oppenheimer Asset Management Inc. boosted its stake in Semtech by 27.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 14,855 shares of the semiconductor company’s stock worth $678,000 after buying an additional 3,222 shares during the period. Huntington National Bank boosted its stake in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares during the period. CIBC Asset Management Inc purchased a new position in Semtech during the third quarter worth about $216,000. Natixis Advisors LLC boosted its stake in Semtech by 100.2% during the third quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock worth $1,626,000 after buying an additional 17,823 shares during the period. Finally, Mutual of America Capital Management LLC lifted its position in shares of Semtech by 6.3% during the third quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock worth $515,000 after purchasing an additional 673 shares in the last quarter.

Semtech Trading Up 7.7 %

SMTC stock opened at $41.61 on Thursday. Semtech Co. has a twelve month low of $21.56 and a twelve month high of $79.52. The company’s 50 day moving average is $50.11 and its two-hundred day moving average is $51.16. The stock has a market cap of $3.15 billion, a P/E ratio of -3.19, a PEG ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. During the same period in the previous year, the business posted ($0.06) EPS. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. On average, equities research analysts predict that Semtech Co. will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and set a $55.00 price target (down previously from $75.00) on shares of Semtech in a research report on Monday, February 10th. Benchmark reduced their price target on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of Semtech in a research report on Friday, March 14th. Roth Mkm increased their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Robert W. Baird reduced their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.55.

Insiders Place Their Bets

In other news, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $75.00, for a total transaction of $100,350.00. Following the transaction, the senior vice president now directly owns 14 shares in the company, valued at approximately $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Mark Lin sold 10,890 shares of the firm’s 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,577 shares of company stock valued at $884,310. 0.60% of the stock is owned by corporate insiders.

Semtech Company 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.