Alyeska Investment Group L.P. Acquires Shares of 829,668 Semtech Co. (NASDAQ:SMTC)

Alyeska Investment Group L.P. bought a new position in shares of Semtech Co. (NASDAQ:SMTC) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 829,668 shares of the semiconductor company’s stock, valued at approximately $51,315,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new stake in shares of Semtech in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC lifted its holdings in Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 505 shares during the period. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Semtech in the 4th quarter worth approximately $52,000. AlphaQuest LLC grew its stake in shares of Semtech by 173.5% during the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after purchasing an additional 772 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Semtech during the 4th quarter valued at approximately $91,000.

Analyst Ratings Changes

SMTC has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of Semtech in a report on Friday, March 14th. UBS Group lowered their target price on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Stifel Nicolaus cut their price target on Semtech from $54.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Piper Sandler reiterated an “overweight” rating and set a $55.00 price target (down previously from $75.00) on shares of Semtech in a research report on Monday, February 10th. Finally, Morgan Stanley initiated coverage on Semtech in a report on Monday, April 7th. They issued an “equal weight” rating and a $30.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.33.

Insider Buying and Selling

In other news, CFO Mark Lin sold 2,907 shares of the stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the sale, the chief financial officer now owns 13,481 shares of the company’s stock, valued at $508,368.51. This represents a 17.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.60% of the stock is currently owned by company insiders.

Semtech Stock Up 5.5 %

Semtech stock opened at $34.13 on Friday. The company has a fifty day simple moving average of $32.63 and a 200-day simple moving average of $48.24. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of -2.62, a PEG ratio of 2.12 and a beta of 1.85. Semtech Co. has a 52-week low of $24.05 and a 52-week high of $79.52.

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

Semtech Profile

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.