Twinbeech Capital LP Takes $2.61 Million Position in Semtech Co. (NASDAQ:SMTC)

Twinbeech Capital LP purchased a new stake in Semtech Co. (NASDAQ:SMTC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 42,269 shares of the semiconductor company’s stock, valued at approximately $2,614,000. Twinbeech Capital LP owned 0.06% of Semtech as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently modified their holdings of the company. Teza Capital Management LLC boosted its holdings in shares of Semtech by 17.7% in the fourth quarter. Teza Capital Management LLC now owns 14,015 shares of the semiconductor company’s stock valued at $867,000 after purchasing an additional 2,107 shares during the period. Sandia Investment Management LP purchased a new stake in shares of Semtech in the fourth quarter valued at approximately $309,000. Shellback Capital LP purchased a new stake in shares of Semtech in the fourth quarter valued at approximately $5,240,000. Seven Grand Managers LLC purchased a new stake in shares of Semtech in the fourth quarter valued at approximately $3,092,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in shares of Semtech in the fourth quarter valued at approximately $793,000.

Semtech Trading Down 2.0%

Shares of SMTC stock opened at $39.35 on Wednesday. The business’s fifty day simple moving average is $33.30 and its 200-day simple moving average is $47.62. The company has a market cap of $3.41 billion, a PE ratio of -3.02, a PEG ratio of 2.12 and a beta of 1.88. Semtech Co. has a 12-month low of $24.05 and a 12-month high of $79.52.

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

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 10,890 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now directly owns 11,625 shares of the company’s stock, valued at $403,155. This represents a 48.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SMTC. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target on shares of Semtech in a report on Friday, March 14th. Robert W. Baird lowered their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $55.00 target price (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Stifel Nicolaus lowered their target price on Semtech from $54.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, UBS Group lowered their target price on Semtech from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.