USA Financial Portformulas Corp Reduces Position in Semtech Corporation (SMTC)
USA Financial Portformulas Corp cut its position in shares of Semtech Corporation (NASDAQ:SMTC) by 21.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,287 shares of the company’s stock after selling 3,282 shares during the period. USA Financial Portformulas Corp’s holdings in Semtech Corporation were worth $341,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SMTC. Frontier Capital Management Co. LLC raised its position in shares of Semtech Corporation by 36.1% in the second quarter. Frontier Capital Management Co. LLC now owns 2,442,524 shares of the company’s stock worth $58,279,000 after buying an additional 648,271 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Semtech Corporation by 366.8% in the third quarter. Teachers Advisors LLC now owns 483,288 shares of the company’s stock worth $13,402,000 after buying an additional 379,756 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Semtech Corporation by 8.2% in the third quarter. BlackRock Fund Advisors now owns 4,639,337 shares of the company’s stock worth $128,649,000 after buying an additional 351,724 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Semtech Corporation by 15.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,894,433 shares of the company’s stock worth $52,533,000 after buying an additional 253,278 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new position in shares of Semtech Corporation during the second quarter worth $5,778,000. 95.23% of the stock is currently owned by institutional investors and hedge funds.
Shares of Semtech Corporation (NASDAQ:SMTC) traded up 2.81% during trading on Friday, reaching $32.90. The company’s stock had a trading volume of 314,851 shares. The company has a 50 day moving average price of $30.90 and a 200 day moving average price of $26.81. Semtech Corporation has a 52 week low of $15.70 and a 52 week high of $33.25. The firm has a market capitalization of $2.16 billion, a P/E ratio of 44.95 and a beta of 1.46.
Semtech Corporation (NASDAQ:SMTC) last posted its earnings results on Wednesday, November 30th. The company reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Semtech Corporation had a return on equity of 10.40% and a net margin of 9.16%. The business earned $137.20 million during the quarter. During the same period in the previous year, the firm posted $0.19 earnings per share. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, equities research analysts expect that Semtech Corporation will post $1.36 EPS for the current fiscal year.
A number of analysts have recently commented on SMTC shares. Oppenheimer Holdings, Inc. upgraded Semtech Corporation from a “market perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a research note on Thursday, December 1st. TheStreet upgraded Semtech Corporation from a “hold” rating to a “buy” rating in a research note on Friday, December 2nd. Drexel Hamilton restated a “buy” rating and issued a $32.00 target price on shares of Semtech Corporation in a research note on Saturday, October 8th. RBC Capital Markets restated a “sector perform” rating and issued a $32.00 target price (up previously from $28.00) on shares of Semtech Corporation in a research note on Thursday, December 1st. Finally, Royal Bank Of Canada upped their target price on Semtech Corporation from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Thursday, December 1st. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Semtech Corporation has an average rating of “Buy” and an average target price of $31.57.
In related news, insider Mohan Maheswaran sold 1,500 shares of the business’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $26.06, for a total value of $39,090.00. Following the transaction, the insider now owns 180,367 shares in the company, valued at approximately $4,700,364.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Michael Wilson sold 11,700 shares of the business’s stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $31.99, for a total value of $374,283.00. Following the completion of the transaction, the insider now owns 89,984 shares in the company, valued at approximately $2,878,588.16. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.
Semtech Corporation Company Profile
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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