Citigroup Inc. Has $14.76 Million Holdings in Semtech Corporation $SMTC

Citigroup Inc. boosted its holdings in Semtech Corporation (NASDAQ:SMTC) by 121.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 206,506 shares of the semiconductor company’s stock after acquiring an additional 113,386 shares during the quarter. Citigroup Inc. owned 0.24% of Semtech worth $14,755,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SMTC. Ameriprise Financial Inc. lifted its holdings in shares of Semtech by 10.3% in the second quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock valued at $321,040,000 after purchasing an additional 666,456 shares in the last quarter. State Street Corp lifted its stake in Semtech by 1.5% during the 2nd quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company’s stock valued at $182,235,000 after acquiring an additional 60,788 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Semtech by 9.8% during the 2nd quarter. Alliancebernstein L.P. now owns 3,318,384 shares of the semiconductor company’s stock worth $149,792,000 after acquiring an additional 294,990 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its stake in shares of Semtech by 4.2% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,894,536 shares of the semiconductor company’s stock worth $130,659,000 after acquiring an additional 115,921 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in shares of Semtech by 107.8% in the 2nd quarter. Westfield Capital Management Co. LP now owns 2,747,260 shares of the semiconductor company’s stock worth $124,011,000 after acquiring an additional 1,424,909 shares in the last quarter.

Semtech Price Performance

Shares of NASDAQ SMTC opened at $90.22 on Friday. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.87. The stock has a fifty day simple moving average of $81.28 and a two-hundred day simple moving average of $71.12. Semtech Corporation has a 1-year low of $24.05 and a 1-year high of $93.96. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 291.03 and a beta of 2.01.

Insiders Place Their Bets

In other Semtech news, Director Saar Gillai sold 3,600 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $75.26, for a total transaction of $270,936.00. Following the sale, the director directly owned 9,523 shares of the company’s stock, valued at $716,700.98. This represents a 27.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Asaf Silberstein sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $92.00, for a total transaction of $920,000.00. Following the completion of the sale, the chief operating officer directly owned 68,496 shares in the company, valued at approximately $6,301,632. This trade represents a 12.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,967 shares of company stock worth $2,236,108 in the last ninety days. 0.48% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SMTC shares. Piper Sandler restated an “overweight” rating and set a $95.00 price target (up from $70.00) on shares of Semtech in a report on Thursday, December 11th. Summit Insights upgraded Semtech from a “hold” rating to a “buy” rating in a research note on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Semtech in a research report on Monday, December 29th. UBS Group reiterated a “buy” rating on shares of Semtech in a report on Tuesday, November 25th. Finally, Stifel Nicolaus upped their price objective on Semtech from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, January 16th. Fourteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.21.

Semtech Company Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.