Heartland Advisors Inc. Has $12.95 Million Stock Position in Semtech Co. (NASDAQ:SMTC)

Heartland Advisors Inc. boosted its stake in shares of Semtech Co. (NASDAQ:SMTC) by 30.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 209,392 shares of the semiconductor company’s stock after purchasing an additional 48,599 shares during the quarter. Heartland Advisors Inc.’s holdings in Semtech were worth $12,951,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its position in shares of Semtech by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock worth $48,303,000 after acquiring an additional 100,410 shares in the last quarter. Citigroup Inc. boosted its stake in Semtech by 50.0% in the 3rd quarter. Citigroup Inc. now owns 97,401 shares of the semiconductor company’s stock worth $4,447,000 after purchasing an additional 32,454 shares during the period. Cerity Partners LLC acquired a new position in Semtech in the 3rd quarter worth approximately $487,000. Glenmede Trust Co. NA purchased a new position in Semtech during the 3rd quarter worth approximately $304,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Semtech during the 3rd quarter valued at $3,237,000.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the transaction, the chief financial officer now owns 11,625 shares of the company’s stock, valued at $403,155. The trade was a 48.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. Following the sale, the chief operating officer now owns 76,417 shares of the company’s stock, valued at $5,349,190. This trade represents a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,577 shares of company stock worth $884,310. 0.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on SMTC. UBS Group decreased their target price on Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Semtech in a research report on Friday, March 14th. Piper Sandler reiterated an “overweight” rating and issued a $55.00 target price (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Northland Securities increased their price target on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Finally, Robert W. Baird lowered their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $61.55.

Semtech Trading Down 4.5 %

Semtech stock opened at $36.95 on Friday. Semtech Co. has a 1-year low of $27.13 and a 1-year high of $79.52. The firm’s fifty day simple moving average is $46.74 and its 200-day simple moving average is $50.99. The company has a market capitalization of $2.80 billion, a P/E ratio of -2.83, a P/E/G ratio of 2.12 and a beta of 1.69.

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

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.