Connors Investor Services Inc. Lowers Holdings in Semtech Co. (NASDAQ:SMTC)

Connors Investor Services Inc. reduced its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 2.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,809 shares of the semiconductor company’s stock after selling 1,769 shares during the period. Connors Investor Services Inc.’s holdings in Semtech were worth $4,318,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new position in Semtech during the 4th quarter worth $31,000. Smartleaf Asset Management LLC increased its holdings in Semtech by 190.6% in 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 last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Semtech in the fourth quarter valued at $52,000. AlphaQuest LLC lifted its holdings in Semtech by 173.5% during the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after buying an additional 772 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Semtech during the 4th quarter worth about $91,000.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 2,907 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the sale, the chief financial officer now owns 13,481 shares of the company’s stock, valued at $508,368.51. This represents a 17.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Semtech Stock Up 4.2 %

Shares of NASDAQ SMTC opened at $31.19 on Wednesday. The company has a market cap of $2.70 billion, a P/E ratio of -2.39, a P/E/G ratio of 2.12 and a beta of 1.85. The business’s 50 day moving average is $32.89 and its two-hundred day moving average is $48.49. Semtech Co. has a 12 month low of $24.05 and a 12 month high of $79.52.

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

Wall Street Analysts Forecast Growth

SMTC has been the subject of several research analyst reports. Robert W. Baird lowered their target price on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Morgan Stanley began coverage on Semtech in a research note on Monday, April 7th. They set an “equal weight” rating and a $30.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research note 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 objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.33.

About Semtech

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.