State of New Jersey Common Pension Fund D Trims Position in Semtech Corporation $SMTC

State of New Jersey Common Pension Fund D trimmed its stake in shares of Semtech Corporation (NASDAQ:SMTC) by 5.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,840 shares of the semiconductor company’s stock after selling 2,915 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Semtech worth $2,250,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Ameritas Advisory Services LLC purchased a new position in Semtech during the second quarter valued at $33,000. Smartleaf Asset Management LLC grew its stake in Semtech by 33.4% during the first quarter. Smartleaf Asset Management LLC now owns 1,027 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 257 shares in the last quarter. Archer Investment Corp purchased a new position in Semtech during the first quarter valued at $64,000. Strs Ohio purchased a new position in Semtech during the first quarter valued at $65,000. Finally, Jones Financial Companies Lllp grew its stake in Semtech by 12,214.3% during the first quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company’s stock valued at $89,000 after acquiring an additional 2,565 shares in the last quarter.

Insider Activity at Semtech

In related news, Director Martin Burvill sold 3,500 shares of Semtech stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $62.75, for a total transaction of $219,625.00. Following the completion of the sale, the director owned 6,909 shares in the company, valued at $433,539.75. This trade represents a 33.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul V. Walsh, Jr. sold 500 shares of Semtech stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $66.24, for a total transaction of $33,120.00. Following the sale, the director owned 26,779 shares of the company’s stock, valued at $1,773,840.96. The trade was a 1.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,971 shares of company stock worth $323,463 in the last 90 days. 0.48% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SMTC has been the subject of several research analyst reports. UBS Group raised their target price on shares of Semtech from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Monday. Northland Securities lifted their price objective on shares of Semtech from $48.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 26th. Craig Hallum lifted their price objective on shares of Semtech from $55.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Stifel Nicolaus set a $80.00 price objective on shares of Semtech in a research note on Wednesday, October 1st. Finally, Piper Sandler lifted their price objective on shares of Semtech from $55.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 26th. Fourteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $67.50.

Semtech Price Performance

Semtech stock opened at $70.44 on Wednesday. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. The firm has a 50-day moving average price of $63.40 and a 200-day moving average price of $49.18. The firm has a market capitalization of $6.11 billion, a PE ratio of 293.50 and a beta of 2.01. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94.

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.