Principal Financial Group Inc. boosted its stake in shares of Semtech Corporation (NASDAQ:SMTC – Free Report) by 9.1% during the first quarter, Holdings Channel.com reports. The fund owned 452,553 shares of the semiconductor company’s stock after acquiring an additional 37,572 shares during the period. Principal Financial Group Inc.’s holdings in Semtech were worth $34,797,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Semtech by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 11,858,352 shares of the semiconductor company’s stock valued at $873,842,000 after acquiring an additional 298,987 shares during the period. Ameriprise Financial Inc. raised its stake in Semtech by 10.3% in the second quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock valued at $321,040,000 after purchasing an additional 666,456 shares in the last quarter. State Street Corp raised its stake in Semtech by 1.5% in the second quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company’s stock valued at $182,235,000 after purchasing an additional 60,788 shares in the last quarter. Whale Rock Capital Management LLC lifted its position in Semtech by 11.3% during the fourth quarter. Whale Rock Capital Management LLC now owns 3,901,469 shares of the semiconductor company’s stock worth $287,499,000 after purchasing an additional 396,504 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Semtech by 9.8% during the second quarter. Alliancebernstein L.P. now owns 3,318,384 shares of the semiconductor company’s stock worth $149,792,000 after purchasing an additional 294,990 shares during the period.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on SMTC shares. B. Riley Financial increased their price objective on shares of Semtech from $165.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, May 27th. Mizuho set a $225.00 price target on shares of Semtech in a report on Wednesday, May 27th. Needham & Company LLC reiterated a “buy” rating and set a $200.00 price target on shares of Semtech in a research report on Monday, July 13th. Morgan Stanley increased their price target on shares of Semtech from $155.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 27th. Finally, TD Cowen boosted their price objective on shares of Semtech from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Semtech has a consensus rating of “Moderate Buy” and an average target price of $189.07.
Insider Buying and Selling at Semtech
In related news, EVP Jason Elliot Green sold 2,264 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $129.90, for a total value of $294,093.60. Following the completion of the transaction, the executive vice president owned 8,611 shares of the company’s stock, valued at $1,118,568.90. This represents a 20.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hong Q. Hou sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $133.00, for a total transaction of $266,000.00. Following the completion of the sale, the chief executive officer owned 64,799 shares in the company, valued at $8,618,267. This represents a 2.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,734 shares of company stock worth $3,256,056 over the last 90 days. 0.48% of the stock is owned by corporate insiders.
Semtech Stock Performance
Semtech stock opened at $124.96 on Friday. Semtech Corporation has a 12-month low of $46.02 and a 12-month high of $177.35. The company has a quick ratio of 1.62, a current ratio of 2.37 and a debt-to-equity ratio of 0.86. The business’s 50-day moving average price is $149.47 and its two-hundred day moving average price is $108.48. The stock has a market cap of $11.64 billion, a PE ratio of -320.41 and a beta of 2.31.
Semtech (NASDAQ:SMTC – Get Free Report) last issued its earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.45 by $0.06. Semtech had a positive return on equity of 18.31% and a negative net margin of 3.05%.The firm had revenue of $291.02 million during the quarter, compared to the consensus estimate of $283.53 million. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The business’s quarterly revenue was up 15.9% on a year-over-year basis. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. As a group, analysts expect that Semtech Corporation will post 1.81 earnings per share for the current fiscal year.
Semtech Company Profile
Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.
A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.
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