Semtech Co. (NASDAQ:SMTC) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN decreased its holdings in Semtech Co. (NASDAQ:SMTC) by 52.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 57,778 shares of the semiconductor company’s stock after selling 63,719 shares during the period. Wells Fargo & Company MN owned approximately 0.08% of Semtech worth $3,574,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in shares of Semtech in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC increased its stake in shares of Semtech by 190.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 505 shares during the last quarter. AlphaQuest LLC raised its holdings in shares of Semtech by 173.5% during the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock worth $75,000 after acquiring an additional 772 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Semtech during the 4th quarter valued at about $91,000. Finally, Pacer Advisors Inc. grew its holdings in shares of Semtech by 51.1% in the fourth quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company’s stock valued at $109,000 after purchasing an additional 598 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SMTC shares. UBS Group decreased their target price on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock 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 report on Thursday, April 17th. Piper Sandler reissued an “overweight” rating and set a $55.00 target price (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Benchmark lowered their price target on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 14th. Finally, Craig Hallum reduced their price objective on shares of Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.33.

Semtech Stock Performance

NASDAQ:SMTC opened at $24.69 on Wednesday. Semtech Co. has a 1 year low of $24.05 and a 1 year high of $79.52. The stock 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 stock has a 50-day simple moving average of $33.70 and a 200-day simple moving average of $48.95.

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

Insider Activity at Semtech

In other Semtech news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was 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 approximately $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 16,787 shares of company stock valued at $665,044 over the last ninety days. Insiders own 0.60% of the company’s stock.

About Semtech

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.