Oak Ridge Investments LLC Acquires New Shares in Semtech Co. (NASDAQ:SMTC)

Oak Ridge Investments LLC bought a new position in Semtech Co. (NASDAQ:SMTC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 34,697 shares of the semiconductor company’s stock, valued at approximately $2,146,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Huntington National Bank increased its holdings in Semtech by 105.2% in 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 last quarter. NBC Securities Inc. increased its stake in shares of Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Semtech by 4,464.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after purchasing an additional 1,652 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech in the 2nd quarter valued at $60,000. Finally, Quarry LP bought a new stake in Semtech in the second quarter worth $63,000.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 6,114 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the transaction, the chief financial officer now owns 3,531 shares in the company, valued at $232,127.94. This trade represents a 63.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Imran Sherazi sold 2,946 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the sale, the senior vice president now owns 6,317 shares in the company, valued at approximately $399,866.10. This represents a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,419 shares of company stock worth $816,955 over the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Semtech Stock Performance

NASDAQ SMTC opened at $75.00 on Friday. Semtech Co. has a twelve month low of $18.72 and a twelve month high of $75.75. The stock has a market cap of $5.68 billion, a PE ratio of -5.75 and a beta of 1.65. The firm has a 50-day simple moving average of $61.68 and a 200 day simple moving average of $47.17.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The company’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the company earned $0.02 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SMTC shares. Susquehanna raised their target price on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. UBS Group assumed coverage on Semtech in a report on Friday. They issued a “buy” rating and a $85.00 target price for the company. Piper Sandler reiterated an “overweight” rating and set a $75.00 price target (up previously from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Needham & Company LLC boosted their price objective on shares of Semtech from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, B. Riley raised their target price on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.09.

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.