Envestnet Asset Management Inc. Purchases 9,506 Shares of Semtech Corporation $SMTC

Envestnet Asset Management Inc. lifted its position in Semtech Corporation (NASDAQ:SMTC) by 26.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,711 shares of the semiconductor company’s stock after purchasing an additional 9,506 shares during the period. Envestnet Asset Management Inc. owned about 0.05% of Semtech worth $3,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. New York State Common Retirement Fund raised its holdings in Semtech by 55.7% during the third quarter. New York State Common Retirement Fund now owns 277,661 shares of the semiconductor company’s stock valued at $19,839,000 after acquiring an additional 99,335 shares during the period. Nordea Investment Management AB grew its position in shares of Semtech by 24.4% during the third quarter. Nordea Investment Management AB now owns 117,669 shares of the semiconductor company’s stock worth $7,992,000 after purchasing an additional 23,086 shares in the last quarter. EFG Asset Management North America Corp. grew its position in shares of Semtech by 15.6% during the second quarter. EFG Asset Management North America Corp. now owns 94,872 shares of the semiconductor company’s stock worth $4,282,000 after purchasing an additional 12,796 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in Semtech during the 3rd quarter valued at approximately $4,318,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Semtech in the 3rd quarter worth approximately $9,160,000.

Semtech Price Performance

Semtech stock opened at $90.17 on Wednesday. Semtech Corporation has a 52-week low of $24.05 and a 52-week high of $92.50. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.87. The firm’s fifty day moving average is $80.04 and its 200 day moving average is $70.54. The company has a market cap of $8.34 billion, a price-to-earnings ratio of 290.87 and a beta of 2.01.

Semtech (NASDAQ:SMTC) last posted its earnings results on Monday, November 24th. The semiconductor company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. Semtech had a net margin of 2.77% and a return on equity of 17.00%. The firm had revenue of $266.97 million for the quarter, compared to the consensus estimate of $266.36 million. During the same period in the previous year, the firm posted $0.26 EPS. The business’s quarterly revenue was up 12.8% on a year-over-year basis. Sell-side analysts forecast that Semtech Corporation will post -0.02 EPS for the current fiscal year.

Insider Activity at Semtech

In other news, insider John Michael Wilson sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $75.12, for a total transaction of $375,600.00. Following the transaction, the insider owned 60,066 shares of the company’s stock, valued at approximately $4,512,157.92. The trade was a 7.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gregory Michael Fischer sold 1,034 shares of the stock in a transaction on Friday, January 9th. The shares were sold at an average price of $75.50, for a total value of $78,067.00. Following the sale, the director owned 2,857 shares in the company, valued at $215,703.50. The trade was a 26.57% 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 valued at $2,236,108 over the last ninety days. 0.48% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SMTC has been the subject of several recent analyst reports. Piper Sandler restated an “overweight” rating and issued a $95.00 price target (up from $70.00) on shares of Semtech in a research note on Thursday, December 11th. Benchmark upped their target price on shares of Semtech from $76.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. TD Cowen reiterated a “buy” rating on shares of Semtech in a report on Tuesday. Robert W. Baird boosted their price target on shares of Semtech from $70.00 to $88.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 25th. Finally, Morgan Stanley set a $67.00 price objective on Semtech in a research report on Tuesday, November 25th. Fourteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently 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.