Eagle Asset Management Inc. purchased a new position in shares of Semtech Co. (NASDAQ:SMTC) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 83,299 shares of the semiconductor company’s stock, valued at approximately $2,815,000. Eagle Asset Management Inc. owned about 0.13% of Semtech at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Semtech during the fourth quarter worth approximately $23,371,000. Thompson Siegel & Walmsley LLC purchased a new position in shares of Semtech during the fourth quarter worth approximately $14,733,000. Loomis Sayles & Co. L P raised its position in shares of Semtech by 133.8% in the fourth quarter. Loomis Sayles & Co. L P now owns 571,511 shares of the semiconductor company’s stock worth $18,031,000 after buying an additional 327,035 shares during the last quarter. Two Sigma Investments LP raised its stake in Semtech by 137.8% in the fourth quarter. Two Sigma Investments LP now owns 468,095 shares of the semiconductor company’s stock valued at $14,768,000 after buying an additional 271,285 shares during the last quarter. Finally, Penn Capital Management Co. Inc. bought a new stake in Semtech during the third quarter valued at about $7,144,000. 96.74% of the stock is owned by institutional investors.
Shares of Semtech Co. (NASDAQ:SMTC) traded down 0.14% during midday trading on Friday, hitting $36.65. The stock had a trading volume of 34,454 shares. The firm’s 50 day moving average price is $34.43 and its 200 day moving average price is $32.70. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 44.16 and a beta of 1.40. Semtech Co. has a 52-week low of $21.35 and a 52-week high of $37.35.
Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Wednesday, March 8th. The semiconductor company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Semtech had a return on equity of 10.40% and a net margin of 9.16%. The firm had revenue of $140 million for the quarter, compared to analysts’ expectations of $138.34 million. During the same period in the prior year, the firm posted $0.17 earnings per share. The firm’s quarterly revenue was up 18.0% on a year-over-year basis. On average, equities research analysts expect that Semtech Co. will post $1.78 earnings per share for the current year.
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Several equities research analysts have recently issued reports on SMTC shares. B. Riley reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Semtech in a research note on Thursday, March 23rd. Zacks Investment Research lowered Semtech from a “hold” rating to a “sell” rating in a research note on Wednesday, May 3rd. Royal Bank of Canada raised their price objective on Semtech from $32.00 to $38.00 and gave the company a “sector perform” rating in a research note on Thursday, March 9th. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $42.00 price objective (up from $36.00) on shares of Semtech in a research note on Monday, March 13th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $42.00 price objective (up from $35.00) on shares of Semtech in a research note on Thursday, March 9th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $40.00.
In related news, VP Mark C. Costello sold 2,441 shares of the stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $33.82, for a total value of $82,554.62. Following the transaction, the vice president now owns 2,440 shares of the company’s stock, valued at $82,520.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mohan Maheswaran sold 1,500 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $36.27, for a total value of $54,405.00. Following the completion of the transaction, the insider now directly owns 196,811 shares in the company, valued at approximately $7,138,334.97. The disclosure for this sale can be found here. In the last three months, insiders sold 37,312 shares of company stock worth $1,274,206. 2.10% of the stock is owned by corporate insiders.
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company designs, develops and markets a range of products for commercial applications, which are sold into the enterprise computing, communications, consumer and industrial end-markets. Its product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability.
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