Burkehill Global Management LP Takes Position in Semtech Co. (NASDAQ:SMTC)

Burkehill Global Management LP bought a new position in Semtech Co. (NASDAQ:SMTC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 300,000 shares of the semiconductor company’s stock, valued at approximately $18,555,000. Semtech makes up about 1.8% of Burkehill Global Management LP’s holdings, making the stock its 19th biggest holding. Burkehill Global Management LP owned approximately 0.40% of Semtech at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SMTC. Van ECK Associates Corp acquired a new position in Semtech during the third quarter worth $125,000. Amalgamated Bank lifted its holdings in Semtech by 10.1% in the 3rd quarter. Amalgamated Bank now owns 21,694 shares of the semiconductor company’s stock worth $991,000 after purchasing an additional 1,995 shares during the last quarter. Principal Financial Group Inc. boosted its position in Semtech by 10.5% during the third quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company’s stock worth $16,187,000 after purchasing an additional 33,606 shares during the period. Crossmark Global Holdings Inc. acquired a new position in Semtech during the third quarter valued at approximately $201,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Semtech by 16.9% in the third quarter. State of New Jersey Common Pension Fund D now owns 53,567 shares of the semiconductor company’s stock valued at $2,446,000 after purchasing an additional 7,747 shares during the period.

Insider Buying and Selling

In other Semtech news, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the completion of the transaction, the senior vice president now directly owns 6,317 shares of the company’s stock, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Lin sold 10,890 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the sale, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,637 shares of company stock valued at $1,472,726 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Semtech Stock Performance

Shares of SMTC stock opened at $33.85 on Thursday. The firm has a fifty day moving average of $52.84 and a 200-day moving average of $51.25. Semtech Co. has a 52-week low of $21.56 and a 52-week high of $79.52. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -2.59, a P/E/G ratio of 2.12 and a beta of 1.69.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Craig Hallum raised their price target on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Stifel Nicolaus set a $60.00 price objective on Semtech in a research report on Monday. Benchmark increased their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Northland Securities lifted their price target on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

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.