Semtech Corporation $SMTC Shares Bought by Truist Financial Corp

Truist Financial Corp boosted its holdings in shares of Semtech Corporation (NASDAQ:SMTC) by 23.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,080 shares of the semiconductor company’s stock after buying an additional 1,535 shares during the period. Truist Financial Corp’s holdings in Semtech were worth $365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Semtech by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 11,702,315 shares of the semiconductor company’s stock valued at $402,560,000 after buying an additional 159,770 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Semtech by 15.8% during the 1st quarter. Ameriprise Financial Inc. now owns 6,445,641 shares of the semiconductor company’s stock valued at $221,737,000 after purchasing an additional 877,422 shares during the last quarter. Wellington Management Group LLP grew its stake in Semtech by 7.9% during the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company’s stock valued at $79,575,000 after purchasing an additional 170,132 shares during the last quarter. Invesco Ltd. grew its stake in Semtech by 74.0% during the 1st quarter. Invesco Ltd. now owns 1,800,174 shares of the semiconductor company’s stock valued at $61,926,000 after purchasing an additional 765,558 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in Semtech during the 1st quarter valued at about $45,489,000.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SMTC shares. Benchmark boosted their price target on Semtech from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Tuesday, September 9th. Northland Securities boosted their price target on Semtech from $48.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, August 26th. Needham & Company LLC boosted their price target on Semtech from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Craig Hallum boosted their price target on Semtech from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Finally, Cowen started coverage on Semtech in a research note on Tuesday, September 30th. They set a “buy” rating on the stock. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and an average price target of $65.36.

Insider Transactions at Semtech

In related news, Director Martin Burvill sold 3,500 shares of the company’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total value of $219,625.00. Following the completion of the transaction, the director owned 6,909 shares of the company’s stock, valued at approximately $433,539.75. This represents a 33.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Lin sold 971 shares of the company’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $72.83, for a total value of $70,717.93. Following the completion of the transaction, the chief financial officer directly owned 17,844 shares of the company’s stock, valued at $1,299,578.52. The trade was a 5.16% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Semtech Stock Up 1.4%

Shares of SMTC opened at $70.75 on Friday. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 294.79 and a beta of 2.01. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52. The company has a quick ratio of 1.78, a current ratio of 2.53 and a debt-to-equity ratio of 0.94. The stock’s 50-day moving average price is $60.55 and its 200-day moving average price is $46.77.

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.