State of Alaska Department of Revenue Acquires 5,124 Shares of Semtech Co. (NASDAQ:SMTC)

State of Alaska Department of Revenue raised its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 12.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,941 shares of the semiconductor company’s stock after purchasing an additional 5,124 shares during the quarter. State of Alaska Department of Revenue’s holdings in Semtech were worth $2,965,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Huntington National Bank increased its stake in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares during the period. NBC Securities Inc. grew its stake in Semtech by 115.8% in the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 739 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Semtech by 4,464.9% during the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock worth $77,000 after acquiring an additional 1,652 shares during the period. Pacer Advisors Inc. raised its stake in shares of Semtech by 51.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company’s stock valued at $109,000 after acquiring an additional 598 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Semtech by 76.0% in the third quarter. GAMMA Investing LLC now owns 2,745 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 1,185 shares during the period.

Insiders Place Their Bets

In other news, COO Asaf Silberstein sold 2,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at approximately $5,349,190. This represents a 2.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Lin sold 2,990 shares of Semtech stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $59.45, for a total value of $177,755.50. Following the sale, the chief financial officer now directly owns 5,446 shares of the company’s stock, valued at $323,764.70. This trade represents a 35.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,747 shares of company stock valued at $1,095,061. Insiders own 0.60% of the company’s stock.

Semtech Trading Down 9.9 %

Shares of SMTC opened at $54.51 on Monday. Semtech Co. has a 12 month low of $19.12 and a 12 month high of $79.52. The stock has a fifty day moving average price of $65.85 and a 200-day moving average price of $50.74. The firm has a market cap of $4.13 billion, a PE ratio of -4.18, a P/E/G ratio of 2.98 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same period in the prior year, the business posted $0.02 EPS. Semtech’s revenue was up 17.9% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms have commented on SMTC. Craig Hallum raised their price objective on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Stifel Nicolaus raised their price target on Semtech from $65.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Northland Securities upped their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Benchmark raised their target price on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price target (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Semtech Company 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.