Bank of Montreal Can Sells 2,113 Shares of Semtech Corporation $SMTC

Bank of Montreal Can lowered its holdings in Semtech Corporation (NASDAQ:SMTC) by 14.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,994 shares of the semiconductor company’s stock after selling 2,113 shares during the quarter. Bank of Montreal Can’s holdings in Semtech were worth $587,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB acquired a new position in Semtech during the 2nd quarter worth $4,230,000. Deutsche Bank AG lifted its stake in shares of Semtech by 168.1% during the first quarter. Deutsche Bank AG now owns 1,210,078 shares of the semiconductor company’s stock valued at $41,627,000 after acquiring an additional 758,642 shares during the period. Wellington Management Group LLP boosted its holdings in Semtech by 7.9% in the first quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company’s stock valued at $79,575,000 after acquiring an additional 170,132 shares during the last quarter. Paradigm Capital Management Inc. NY acquired a new stake in Semtech in the first quarter worth about $6,591,000. Finally, PNC Financial Services Group Inc. raised its holdings in Semtech by 164.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 12,192 shares of the semiconductor company’s stock worth $419,000 after purchasing an additional 7,583 shares during the last quarter.

Semtech Stock Down 1.2%

Shares of NASDAQ:SMTC opened at $64.66 on Tuesday. The company has a 50 day moving average price of $66.84 and a two-hundred day moving average price of $53.35. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. The company has a market capitalization of $5.61 billion, a PE ratio of 269.42 and a beta of 2.03. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. TD Cowen began coverage on shares of Semtech in a research note on Wednesday, October 1st. They issued a “buy” rating and a $75.00 target price on the stock. Cowen started coverage on shares of Semtech in a report on Tuesday, September 30th. They issued a “buy” rating on the stock. UBS Group lifted their target price on shares of Semtech from $65.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Wall Street Zen cut shares of Semtech from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Piper Sandler raised their price target on Semtech from $55.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 26th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $67.50.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 971 shares of the firm’s stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $72.83, for a total transaction of $70,717.93. Following the sale, the chief financial officer owned 17,844 shares of the company’s stock, valued at $1,299,578.52. This trade represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul V. Walsh, Jr. sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $66.24, for a total value of $33,120.00. Following the completion of the transaction, the director owned 26,779 shares of the company’s stock, valued at $1,773,840.96. This represents a 1.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,971 shares of company stock worth $323,463. Corporate insiders own 0.48% of the company’s stock.

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.