Corebridge Financial Inc. Purchases 1,503 Shares of Semtech Co. (NASDAQ:SMTC)

Corebridge Financial Inc. raised its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 4.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,097 shares of the semiconductor company’s stock after acquiring an additional 1,503 shares during the quarter. Corebridge Financial Inc.’s holdings in Semtech were worth $2,418,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Semtech by 13.0% during the fourth 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. Disciplined Growth Investors Inc. MN boosted its stake in shares of Semtech by 4.6% during the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock worth $119,172,000 after buying an additional 114,999 shares during the last quarter. Geode Capital Management LLC grew its holdings 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 valued at $73,883,000 after acquiring an additional 119,572 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Semtech by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,061,871 shares of the semiconductor company’s stock valued at $65,677,000 after acquiring an additional 3,991 shares during the last quarter. Finally, Whale Rock Capital Management LLC bought a new stake in Semtech during the third quarter worth about $32,126,000.

Analyst Ratings Changes

Several research firms have weighed in on SMTC. Northland Securities boosted their price target on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Stifel Nicolaus dropped their price target on shares of Semtech from $60.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Craig Hallum cut their price target on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Semtech in a research note on Friday, March 14th. Finally, Benchmark cut their target price on shares of Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.55.

Semtech Stock Performance

Shares of Semtech stock opened at $34.86 on Wednesday. The firm has a 50-day moving average of $44.28 and a 200-day moving average of $51.01. Semtech Co. has a 52-week low of $27.25 and a 52-week high of $79.52. The stock has a market cap of $3.02 billion, a PE ratio of -2.67, a PEG ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last announced its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. During the same quarter in the previous year, the company earned ($0.06) EPS. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. Equities research analysts predict that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the sale, the senior vice president now directly owns 14 shares of the company’s stock, valued at approximately $1,050. This represents a 98.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Asaf Silberstein sold 2,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at approximately $5,349,190. This trade represents a 2.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,484 shares of company stock worth $993,933 in the last 90 days. Company insiders own 0.60% of the company’s stock.

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.