Sheets Smith Wealth Management Reduces Position in Semtech Corporation (SMTC)

Sheets Smith Wealth Management lowered its stake in shares of Semtech Corporation (NASDAQ:SMTC) by 4.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 16,482 shares of the semiconductor company’s stock after selling 708 shares during the period. Sheets Smith Wealth Management’s holdings in Semtech Corporation were worth $589,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Fisher Asset Management LLC boosted its stake in Semtech Corporation by 72.0% in the first quarter. Fisher Asset Management LLC now owns 79,972 shares of the semiconductor company’s stock valued at $2,703,000 after buying an additional 33,479 shares during the last quarter. Nationwide Fund Advisors boosted its stake in Semtech Corporation by 6.2% in the first quarter. Nationwide Fund Advisors now owns 142,408 shares of the semiconductor company’s stock valued at $4,813,000 after buying an additional 8,288 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Semtech Corporation by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 7,280 shares of the semiconductor company’s stock valued at $246,000 after buying an additional 180 shares in the last quarter. Palisade Capital Management LLC NJ boosted its stake in shares of Semtech Corporation by 0.4% in the first quarter. Palisade Capital Management LLC NJ now owns 724,237 shares of the semiconductor company’s stock valued at $24,479,000 after buying an additional 2,715 shares in the last quarter. Finally, Legato Capital Management LLC boosted its stake in shares of Semtech Corporation by 3,280.0% in the first quarter. Legato Capital Management LLC now owns 64,220 shares of the semiconductor company’s stock valued at $1,900,000 after buying an additional 62,320 shares in the last quarter. Hedge funds and other institutional investors own 94.04% of the company’s stock.

Shares of Semtech Corporation (SMTC) opened at 38.55 on Wednesday. Semtech Corporation has a 52 week low of $22.81 and a 52 week high of $41.15. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 42.93 and a beta of 1.44. The stock’s 50 day moving average is $37.31 and its 200-day moving average is $35.10.

Semtech Corporation (NASDAQ:SMTC) last issued its quarterly earnings results on Wednesday, May 31st. The semiconductor company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $149.10 million during the quarter, compared to the consensus estimate of $145.60 million. Semtech Corporation had a return on equity of 12.16% and a net margin of 10.70%. Semtech Corporation’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.30 earnings per share. On average, analysts anticipate that Semtech Corporation will post $1.85 earnings per share for the current fiscal year.

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Several equities research analysts recently weighed in on SMTC shares. Zacks Investment Research cut shares of Semtech Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, May 3rd. Robert W. Baird started coverage on shares of Semtech Corporation in a research report on Tuesday, May 9th. They issued an “outperform” rating and a $45.00 price target on the stock. B. Riley restated a “buy” rating and issued a $44.00 price target on shares of Semtech Corporation in a research report on Tuesday, May 16th. Drexel Hamilton boosted their price target on shares of Semtech Corporation from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 1st. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $39.00 price objective on shares of Semtech Corporation in a research note on Thursday, July 6th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Semtech Corporation presently has an average rating of “Buy” and a consensus price target of $43.50.

In other Semtech Corporation news, insider Mohan Maheswaran sold 1,500 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $36.27, for a total transaction of $54,405.00. Following the transaction, the insider now owns 196,811 shares of the company’s stock, valued at approximately $7,138,334.97. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Emeka Chukwu sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $39.89, for a total value of $79,780.00. Following the transaction, the chief financial officer now directly owns 77,776 shares in the company, valued at approximately $3,102,484.64. The disclosure for this sale can be found here. Insiders sold 90,088 shares of company stock valued at $3,273,768 in the last three months. 2.20% of the stock is currently owned by company insiders.

Semtech Corporation Company Profile

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.

Institutional Ownership by Quarter for Semtech Corporation (NASDAQ:SMTC)

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