Man Group plc Takes Position in Semtech Co. (NASDAQ:SMTC)

Man Group plc purchased a new position in Semtech Co. (NASDAQ:SMTC) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 78,873 shares of the semiconductor company’s stock, valued at approximately $4,878,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Semtech by 13.0% in the 4th quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after buying an additional 1,326,226 shares during the period. Hood River Capital Management LLC increased its holdings in Semtech by 1.8% in the 4th quarter. Hood River Capital Management LLC now owns 3,450,042 shares of the semiconductor company’s stock worth $213,385,000 after buying an additional 59,743 shares during the period. Wellington Management Group LLP increased its holdings in Semtech by 827.0% in the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after buying an additional 1,911,890 shares during the period. Geode Capital Management LLC increased its holdings in Semtech by 12.2% in the 4th quarter. Geode Capital Management LLC now owns 1,815,515 shares of the semiconductor company’s stock worth $112,317,000 after buying an additional 197,732 shares during the period. Finally, Fred Alger Management LLC increased its holdings in Semtech by 122.6% in the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock worth $92,271,000 after buying an additional 821,671 shares during the period.

Wall Street Analysts Forecast Growth

SMTC has been the topic of a number of analyst reports. UBS Group dropped their price objective on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Craig Hallum dropped their price objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Morgan Stanley initiated coverage on shares of Semtech in a research note on Monday, April 7th. They set an “equal weight” rating and a $30.00 price objective on the stock. Benchmark dropped their price objective on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Finally, Robert W. Baird dropped their price objective on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.92.

Insider Buying and Selling at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $37.71, for a total transaction of $109,622.97. Following the sale, the chief financial officer now directly owns 13,481 shares in the company, valued at approximately $508,368.51. This represents a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.60% of the stock is currently owned by corporate insiders.

Semtech Trading Down 2.0%

Shares of NASDAQ:SMTC opened at $39.35 on Wednesday. The business has a 50-day moving average price of $33.30 and a 200 day moving average price of $47.62. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of -3.02, a PEG ratio of 2.12 and a beta of 1.88. Semtech Co. has a 12-month low of $24.05 and a 12-month high of $79.52.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.06) earnings per share. As a group, equities research analysts predict that Semtech Co. will post -0.02 earnings per share 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.