Shellback Capital LP Acquires New Position in Semtech Co. (NASDAQ:SMTC)

Shellback Capital LP bought a new position in Semtech Co. (NASDAQ:SMTC) in the 4th quarter, Holdings Channel reports. The fund bought 84,719 shares of the semiconductor company’s stock, valued at approximately $5,240,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SMTC. Vanguard Group Inc. lifted its stake in shares of Semtech by 13.0% during the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock valued at $713,906,000 after buying an additional 1,326,226 shares in the last quarter. Hood River Capital Management LLC lifted its holdings in Semtech by 1.8% in the 4th quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company’s stock worth $213,385,000 after purchasing an additional 59,743 shares in the last quarter. Wellington Management Group LLP grew its holdings 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 valued at $132,550,000 after buying an additional 1,911,890 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Semtech by 12.2% in the fourth quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company’s stock worth $112,317,000 after buying an additional 197,732 shares in the last quarter. Finally, Fred Alger Management LLC boosted its position in shares of Semtech by 122.6% during the fourth quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock worth $92,271,000 after acquiring an additional 821,671 shares during the last quarter.

Semtech Stock Down 0.7%

NASDAQ SMTC opened at $39.64 on Friday. Semtech Co. has a 52 week low of $24.05 and a 52 week high of $79.52. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of -3.04, a PEG ratio of 2.12 and a beta of 1.88. The company has a fifty day moving average of $32.87 and a two-hundred day moving average of $47.73.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $249.40 million. Semtech’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.06) earnings per share. Equities research analysts anticipate that Semtech Co. will post -0.02 EPS for the current year.

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the sale, the chief financial officer now directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target on shares of Semtech in a research note on Friday, March 14th. Benchmark cut their price target on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 14th. UBS Group reduced their price objective on Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Stifel Nicolaus lowered their target price on Semtech from $54.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, Craig Hallum cut their target price on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $56.92.

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.