Bank of Montreal Can Sells 909 Shares of Semtech Co. (NASDAQ:SMTC)

Bank of Montreal Can decreased its stake in Semtech Co. (NASDAQ:SMTC) by 8.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,772 shares of the semiconductor company’s stock after selling 909 shares during the period. Bank of Montreal Can’s holdings in Semtech were worth $604,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of 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 purchasing an additional 1,326,226 shares during the period. Wellington Management Group LLP grew its stake in shares of Semtech by 827.0% during the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after acquiring 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 acquiring an additional 197,732 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Semtech by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,061,871 shares of the semiconductor company’s stock valued at $65,677,000 after acquiring an additional 3,991 shares during the period. Finally, Schroder Investment Management Group bought a new position in Semtech during the fourth quarter worth about $27,254,000.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Piper Sandler restated an “overweight” rating and set a $55.00 price target (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Craig Hallum cut their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. Stifel Nicolaus decreased their price objective on Semtech from $54.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday. Needham & Company LLC restated a “buy” rating and issued a $54.00 target price on shares of Semtech in a research note on Friday, March 14th. Finally, Benchmark decreased their price target on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.33.

Semtech Price Performance

Shares of Semtech stock opened at $26.22 on Monday. Semtech Co. has a 1 year low of $24.72 and a 1 year high of $79.52. The firm has a market cap of $2.27 billion, a PE ratio of -2.01, a PEG ratio of 2.12 and a beta of 1.85. The company has a 50 day simple moving average of $34.19 and a two-hundred day simple moving average of $49.24.

Semtech (NASDAQ:SMTC) last posted 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 company had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. The business’s revenue was up 30.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.06) earnings per share. As a group, research analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction 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 transaction, the chief financial officer now owns 13,481 shares in the company, valued at $508,368.51. This trade represents a 17.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 16,787 shares of company stock worth $665,044 in the last quarter. 0.60% of the stock is owned by insiders.

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.