Summit Investment Advisors Inc. Purchases 1,244 Shares of Semtech Co. (NASDAQ:SMTC)

Summit Investment Advisors Inc. lifted its position in shares of Semtech Co. (NASDAQ:SMTC) by 19.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,601 shares of the semiconductor company’s stock after purchasing an additional 1,244 shares during the period. Summit Investment Advisors Inc.’s holdings in Semtech were worth $470,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Hollencrest Capital Management bought a new position in Semtech during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC increased its stake in shares of Semtech by 190.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 505 shares during the period. AlphaQuest LLC raised its holdings in shares of Semtech by 173.5% during the fourth quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock valued at $75,000 after acquiring an additional 772 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Semtech in the fourth quarter worth $91,000. Finally, Quadrant Capital Group LLC increased its position in Semtech by 27.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company’s stock valued at $97,000 after purchasing an additional 337 shares during the period.

Analysts Set New Price Targets

Several research firms have recently commented on SMTC. Stifel Nicolaus dropped their target price on shares of Semtech from $54.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday. UBS Group lowered their price objective on shares of Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a report on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of Semtech in a report on Friday, March 14th. Piper Sandler restated an “overweight” rating and issued a $55.00 target price (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, Craig Hallum reduced their price target on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.33.

Insider Buying and Selling

In related news, CFO Mark Lin sold 10,890 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the sale, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 16,787 shares of company stock worth $665,044. 0.60% of the stock is owned by corporate insiders.

Semtech Stock Performance

Shares of Semtech stock opened at $26.22 on Friday. The company has a 50-day simple moving average of $34.19 and a two-hundred day simple moving average of $49.18. Semtech Co. has a 52-week low of $24.72 and a 52-week high of $79.52. The stock has a market capitalization of $2.27 billion, a PE ratio of -2.01, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85.

Semtech (NASDAQ:SMTC) last issued its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. During the same quarter in the prior year, the business posted ($0.06) earnings per share. The business’s revenue for the quarter was up 30.1% on a year-over-year basis. As a group, equities research analysts forecast that Semtech Co. will post -0.02 EPS for the current fiscal year.

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.