Envestnet Asset Management Inc. Acquires 33,980 Shares of Semtech Co. (NASDAQ:SMTC)

Envestnet Asset Management Inc. grew its stake in Semtech Co. (NASDAQ:SMTC) by 65.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,282 shares of the semiconductor company’s stock after purchasing an additional 33,980 shares during the period. Envestnet Asset Management Inc. owned approximately 0.11% of Semtech worth $5,337,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Moody National Bank Trust Division increased its holdings in Semtech by 148.6% in the fourth quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock valued at $1,272,000 after purchasing an additional 12,296 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Semtech by 15.8% during the fourth quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company’s stock worth $25,396,000 after buying an additional 56,108 shares during the period. Rhumbline Advisers grew its holdings in shares of Semtech by 6.1% during the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company’s stock worth $12,702,000 after buying an additional 11,878 shares in the last quarter. Convergence Investment Partners LLC acquired a new stake in Semtech in the 4th quarter valued at approximately $2,680,000. Finally, Stephens Inc. AR bought a new stake in Semtech in the 4th quarter valued at approximately $889,000.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the sale, the chief financial officer now owns 11,625 shares in the company, valued at $403,155. The trade was a 48.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 16,787 shares of company stock valued at $665,044. Insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SMTC shares. Piper Sandler reaffirmed 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. Stifel Nicolaus decreased their target price on shares of Semtech from $54.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Morgan Stanley started coverage on Semtech in a report on Monday, April 7th. They set an “equal weight” rating and a $30.00 target price on the stock. UBS Group decreased their price target on Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, Craig Hallum dropped their price objective on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and a consensus price target of $57.33.

Semtech Price Performance

NASDAQ:SMTC opened at $24.69 on Wednesday. The company has a market cap of $2.14 billion, a P/E ratio of -1.89, a P/E/G ratio of 2.12 and a beta of 1.85. The firm’s fifty day moving average price is $33.70 and its two-hundred day moving average price is $48.95. Semtech Co. has a one year low of $24.05 and a one year high of $79.52.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results 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 company had revenue of $251.00 million during the quarter, compared to analyst estimates of $249.40 million. During the same quarter last year, the company posted ($0.06) EPS. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. As a group, equities research analysts expect that Semtech Co. will post -0.02 earnings per share for the current 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.