6,677 Shares in Semtech Corporation $SMTC Acquired by Pinnacle Wealth Planning Services Inc.

Pinnacle Wealth Planning Services Inc. purchased a new position in Semtech Corporation (NASDAQ:SMTC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,677 shares of the semiconductor company’s stock, valued at approximately $301,000.

A number of other institutional investors have also recently made changes to their positions in SMTC. CWM LLC increased its stake in shares of Semtech by 23.3% in the first quarter. CWM LLC now owns 3,751 shares of the semiconductor company’s stock worth $129,000 after buying an additional 709 shares during the period. Teachers Retirement System of The State of Kentucky boosted its position in Semtech by 17.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 41,533 shares of the semiconductor company’s stock valued at $1,428,000 after buying an additional 6,194 shares during the period. Y Intercept Hong Kong Ltd grew its holdings in Semtech by 76.3% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 17,402 shares of the semiconductor company’s stock worth $599,000 after acquiring an additional 7,532 shares during the last quarter. Royce & Associates LP increased its position in shares of Semtech by 8.5% in the first quarter. Royce & Associates LP now owns 76,519 shares of the semiconductor company’s stock valued at $2,632,000 after acquiring an additional 6,019 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Semtech by 21.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,976 shares of the semiconductor company’s stock valued at $790,000 after acquiring an additional 4,037 shares during the period.

Semtech Stock Performance

Shares of SMTC opened at $64.49 on Thursday. The company has a 50-day simple moving average of $66.92 and a two-hundred day simple moving average of $53.63. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.53 and a quick ratio of 1.78. The firm has a market capitalization of $5.60 billion, a PE ratio of 268.71 and a beta of 2.03. Semtech Corporation has a one year low of $24.05 and a one year high of $79.52.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 971 shares of the company’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $72.83, for a total value of $70,717.93. Following the sale, the chief financial officer directly owned 17,844 shares of the company’s stock, valued at $1,299,578.52. This represents a 5.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul V. Walsh, Jr. sold 500 shares of the stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $66.24, for a total value of $33,120.00. Following the completion of the transaction, the director owned 26,779 shares of the company’s stock, valued at approximately $1,773,840.96. This trade represents a 1.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 4,971 shares of company stock worth $323,463 over the last ninety days. 0.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on SMTC. Needham & Company LLC increased their target price on shares of Semtech from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. TD Cowen initiated coverage on Semtech in a research report on Wednesday, October 1st. They set a “buy” rating and a $75.00 price target for the company. Piper Sandler increased their price objective on Semtech from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. UBS Group boosted their target price on Semtech from $65.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Finally, Benchmark upped their target price on Semtech from $68.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, September 9th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.93.

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.