Victory Capital Management Inc. Buys 613,274 Shares of Semtech Co. (NASDAQ:SMTC)

Victory Capital Management Inc. boosted its stake in Semtech Co. (NASDAQ:SMTC) by 81.1% during the 4th quarter, HoldingsChannel reports. The fund owned 1,369,043 shares of the semiconductor company’s stock after acquiring an additional 613,274 shares during the quarter. Victory Capital Management Inc.’s holdings in Semtech were worth $29,996,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its position in shares of Semtech by 58.9% during the third quarter. Ameriprise Financial Inc. now owns 3,958,316 shares of the semiconductor company’s stock worth $101,927,000 after buying an additional 1,466,665 shares during the period. Invesco Ltd. grew its stake in shares of Semtech by 215.9% during the 3rd quarter. Invesco Ltd. now owns 947,997 shares of the semiconductor company’s stock worth $24,411,000 after acquiring an additional 647,893 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Semtech by 76.7% during the 3rd quarter. New York State Common Retirement Fund now owns 468,166 shares of the semiconductor company’s stock worth $12,055,000 after acquiring an additional 203,182 shares in the last quarter. Paradigm Capital Management Inc. NY raised its holdings in shares of Semtech by 97.8% in the third quarter. Paradigm Capital Management Inc. NY now owns 276,100 shares of the semiconductor company’s stock valued at $7,110,000 after purchasing an additional 136,500 shares during the last quarter. Finally, Quantbot Technologies LP lifted its position in shares of Semtech by 270.1% in the third quarter. Quantbot Technologies LP now owns 101,184 shares of the semiconductor company’s stock worth $2,605,000 after purchasing an additional 73,846 shares in the last quarter.

Insider Activity at Semtech

In other Semtech news, CFO Mark Lin acquired 1,000 shares of the company’s stock in a transaction on Monday, April 8th. The stock was acquired at an average price of $33.23 per share, for a total transaction of $33,230.00. Following the purchase, the chief financial officer now directly owns 1,000 shares of the company’s stock, valued at $33,230. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Semtech Price Performance

Semtech stock opened at $39.81 on Wednesday. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of -2.34 and a beta of 1.70. The company has a current ratio of 2.46, a quick ratio of 1.79 and a debt-to-equity ratio of 4.11. Semtech Co. has a 12 month low of $13.13 and a 12 month high of $40.19. The stock’s 50 day moving average is $29.20 and its 200-day moving average is $22.47.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Thursday, March 28th. The semiconductor company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). The firm had revenue of $192.95 million during the quarter, compared to analyst estimates of $191.24 million. Semtech had a negative net margin of 125.70% and a negative return on equity of 9.41%. Equities research analysts expect that Semtech Co. will post -0.09 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SMTC. Piper Sandler reiterated an “overweight” rating and issued a $40.00 price target (up from $30.00) on shares of Semtech in a research note on Monday, April 1st. Needham & Company LLC upped their price objective on Semtech from $26.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Stifel Nicolaus increased their price target on shares of Semtech from $31.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Northland Securities upped their target price on shares of Semtech from $30.00 to $36.50 and gave the company an “outperform” rating in a report on Monday, April 1st. Finally, Susquehanna lifted their price target on Semtech from $30.00 to $45.00 and gave the stock a “positive” rating in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $39.85.

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.