Connors Investor Services Inc. Sells 1,769 Shares of Semtech Co. (NASDAQ:SMTC)

Connors Investor Services Inc. lowered its stake in Semtech Co. (NASDAQ:SMTC) by 2.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,809 shares of the semiconductor company’s stock after selling 1,769 shares during the quarter. Connors Investor Services Inc. owned about 0.09% of Semtech worth $4,318,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in shares of Semtech by 10.5% in the third quarter. Principal Financial Group Inc. now owns 354,505 shares of the semiconductor company’s stock worth $16,187,000 after purchasing an additional 33,606 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Semtech by 15.3% in the fourth quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock valued at $196,000 after acquiring an additional 421 shares in the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Semtech by 117.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 92,395 shares of the semiconductor company’s stock worth $5,715,000 after purchasing an additional 49,835 shares in the last quarter. Moody National Bank Trust Division lifted its holdings in Semtech by 148.6% in the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock worth $1,272,000 after purchasing an additional 12,296 shares in the last quarter. Finally, Friedenthal Financial bought a new position in Semtech in the 4th quarter worth approximately $755,000.

Semtech Stock Performance

Shares of NASDAQ SMTC opened at $31.19 on Wednesday. The company’s fifty day moving average price is $32.89 and its 200 day moving average price is $48.49. The company has a market capitalization of $2.70 billion, a PE ratio of -2.39, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85. Semtech Co. has a 1 year low of $24.05 and a 1 year high of $79.52.

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

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 10,890 shares of Semtech 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 sale, the chief financial officer now owns 11,625 shares in the company, valued at $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SMTC. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 target price (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Needham & Company LLC restated a “buy” rating and set a $54.00 price target on shares of Semtech in a report on Friday, March 14th. Morgan Stanley began coverage on Semtech in a report on Monday, April 7th. They set an “equal weight” rating and a $30.00 price objective on the stock. Robert W. Baird reduced their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Finally, UBS Group lowered their price objective on shares of Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Semtech has a consensus rating of “Moderate Buy” and a consensus price target of $57.33.

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.