Cibc World Markets Corp Acquires New Position in Semtech Co. (NASDAQ:SMTC)

Cibc World Markets Corp acquired a new stake in Semtech Co. (NASDAQ:SMTC) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,799 shares of the semiconductor company’s stock, valued at approximately $421,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hollencrest Capital Management bought a new stake in shares of Semtech during the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC increased its position in shares of Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 505 shares during the period. AlphaQuest LLC increased its position in shares of Semtech by 173.5% during the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock valued at $75,000 after buying an additional 772 shares during the period. Pacer Advisors Inc. increased its position in shares of Semtech by 51.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 598 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Semtech by 15.3% during the fourth quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock valued at $196,000 after buying an additional 421 shares during the period.

Semtech Price Performance

Shares of SMTC opened at $39.62 on Monday. The firm has a market cap of $3.00 billion, a P/E ratio of -3.04, a P/E/G ratio of 2.12 and a beta of 1.69. The stock has a 50 day simple moving average of $49.04 and a two-hundred day simple moving average of $51.18. Semtech Co. has a 1 year low of $22.13 and a 1 year high of $79.52.

Semtech (NASDAQ:SMTC) last issued 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 firm had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. The firm’s quarterly revenue was up 30.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.06) EPS. On average, equities analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus decreased their price target on Semtech from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research report on Friday, March 14th. Robert W. Baird decreased their price objective 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. UBS Group decreased their price objective on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Finally, Benchmark decreased their price objective 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. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.55.

Insider Activity

In related news, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the transaction, the chief operating officer now owns 76,417 shares in the company, valued at $5,349,190. This represents a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Lin sold 10,890 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following 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. Over the last 90 days, insiders sold 18,577 shares of company stock valued at $884,310. 0.60% of the stock is currently owned by company insiders.

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.