Semtech Co. (NASDAQ:SMTC) Stock Position Raised by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board boosted its position in shares of Semtech Co. (NASDAQ:SMTC) by 307.1% during the 4th quarter, HoldingsChannel reports. The firm owned 5,700 shares of the semiconductor company’s stock after buying an additional 4,300 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Semtech were worth $353,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SMTC. Wellington Management Group LLP boosted its position in Semtech by 827.0% during the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after acquiring an additional 1,911,890 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after purchasing an additional 1,326,226 shares during the period. Portolan Capital Management LLC grew its position in Semtech by 609.5% during the fourth quarter. Portolan Capital Management LLC now owns 667,211 shares of the semiconductor company’s stock valued at $41,267,000 after purchasing an additional 573,175 shares in the last quarter. Schroder Investment Management Group acquired a new position in Semtech in the 4th quarter valued at approximately $27,254,000. Finally, Burkehill Global Management LP purchased a new stake in Semtech in the 4th quarter worth approximately $18,555,000.

Semtech Price Performance

SMTC stock opened at $30.03 on Friday. The company has a 50-day moving average of $33.20 and a two-hundred day moving average of $48.62. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -2.30, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85. Semtech Co. has a 52-week low of $24.05 and a 52-week high of $79.52.

Semtech (NASDAQ:SMTC) last released its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same period last year, the business earned ($0.06) EPS. The business’s quarterly revenue was up 30.1% compared to the same quarter last year. Equities analysts expect that Semtech Co. will post -0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 price target (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of Semtech in a research report on Friday, March 14th. Robert W. Baird reduced their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Craig Hallum dropped their price objective on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Finally, Morgan Stanley started coverage on shares of Semtech in a research note on Monday, April 7th. They issued an “equal weight” rating and a $30.00 target price for the company. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and an average price target of $57.33.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 2,990 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total transaction of $177,755.50. Following the transaction, the chief financial officer now directly owns 5,446 shares in the company, valued at $323,764.70. The trade was a 35.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 16,787 shares of company stock worth $665,044 in the last ninety days. 0.60% of the stock is currently owned by insiders.

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.