EFG Asset Management North America Corp. Increases Stock Position in Semtech Corporation $SMTC

EFG Asset Management North America Corp. lifted its holdings in shares of Semtech Corporation (NASDAQ:SMTC) by 15.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,872 shares of the semiconductor company’s stock after buying an additional 12,796 shares during the quarter. EFG Asset Management North America Corp. owned about 0.11% of Semtech worth $4,282,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Principal Financial Group Inc. increased its holdings in Semtech by 4.2% during the 1st quarter. Principal Financial Group Inc. now owns 427,958 shares of the semiconductor company’s stock worth $14,722,000 after acquiring an additional 17,345 shares during the period. Nordea Investment Management AB bought a new stake in Semtech during the 2nd quarter worth approximately $4,230,000. Deutsche Bank AG increased its holdings in Semtech by 168.1% during the 1st quarter. Deutsche Bank AG now owns 1,210,078 shares of the semiconductor company’s stock worth $41,627,000 after acquiring an additional 758,642 shares during the period. Wellington Management Group LLP increased its holdings 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 worth $79,575,000 after acquiring an additional 170,132 shares during the period. Finally, Paradigm Capital Management Inc. NY bought a new stake in Semtech during the 1st quarter worth approximately $6,591,000.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Needham & Company LLC upped their target price on shares of Semtech from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Semtech in a report on Wednesday, October 8th. Stifel Nicolaus set a $80.00 price target on shares of Semtech in a report on Wednesday, October 1st. Wall Street Zen raised shares of Semtech from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 18th. Finally, Piper Sandler increased their price target on shares of Semtech from $55.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Semtech has an average rating of “Moderate Buy” and an average price target of $67.50.

Insider Activity at Semtech

In related news, Director Martin Burvill sold 3,500 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $62.75, for a total transaction of $219,625.00. Following the transaction, the director owned 6,909 shares of the company’s stock, valued at approximately $433,539.75. This trade represents a 33.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Lin sold 971 shares of the stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $72.83, for a total transaction of $70,717.93. Following the transaction, the chief financial officer directly owned 17,844 shares in the company, valued at approximately $1,299,578.52. This represents a 5.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 4,971 shares of company stock valued at $323,463. Insiders own 0.48% of the company’s stock.

Semtech Price Performance

SMTC stock opened at $64.42 on Wednesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.78 and a current ratio of 2.53. Semtech Corporation has a 52 week low of $24.05 and a 52 week high of $79.52. The firm’s fifty day moving average is $64.96 and its 200 day moving average is $50.78. The firm has a market cap of $5.59 billion, a P/E ratio of 268.42 and a beta of 2.01.

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.