SummitTX Capital L.P. Sells 82,506 Shares of Semtech Corporation $SMTC

SummitTX Capital L.P. trimmed its stake in Semtech Corporation (NASDAQ:SMTC) by 66.2% in the first quarter, HoldingsChannel.com reports. The firm owned 42,218 shares of the semiconductor company’s stock after selling 82,506 shares during the period. SummitTX Capital L.P.’s holdings in Semtech were worth $3,246,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SMTC. Think Investments LP acquired a new stake in shares of Semtech in the third quarter valued at about $58,618,000. Ameriprise Financial Inc. lifted its stake 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 worth $321,040,000 after acquiring an additional 666,456 shares during the period. Atreides Management LP acquired a new position in shares of Semtech in the second quarter worth approximately $29,880,000. Assenagon Asset Management S.A. boosted its holdings in Semtech by 323.0% in the first quarter. Assenagon Asset Management S.A. now owns 781,003 shares of the semiconductor company’s stock valued at $60,051,000 after acquiring an additional 596,373 shares during the last quarter. Finally, Capital International Investors bought a new stake in Semtech in the fourth quarter valued at approximately $39,593,000.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 970 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $150.41, for a total value of $145,897.70. Following the completion of the sale, the chief financial officer owned 34,896 shares of the company’s stock, valued at approximately $5,248,707.36. This trade represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hong Q. Hou sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $133.00, for a total value of $266,000.00. Following the sale, the chief executive officer owned 64,799 shares of the company’s stock, valued at approximately $8,618,267. This represents a 2.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,234 shares of company stock worth $3,203,091 over the last three months. Insiders own 0.44% of the company’s stock.

Semtech Price Performance

Semtech stock opened at $111.30 on Wednesday. The stock has a market capitalization of $10.37 billion, a price-to-earnings ratio of -285.38 and a beta of 2.31. Semtech Corporation has a 52-week low of $46.02 and a 52-week high of $177.35. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.62 and a current ratio of 2.37. The stock’s 50 day moving average price is $148.34 and its two-hundred day moving average price is $111.33.

Semtech (NASDAQ:SMTC) last issued its earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.06. Semtech had a negative net margin of 3.05% and a positive return on equity of 18.31%. The business had revenue of $291.02 million for the quarter, compared to analyst estimates of $283.53 million. During the same period in the prior year, the firm earned $0.38 earnings per share. Semtech’s revenue was up 15.9% on a year-over-year basis. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. On average, equities analysts predict that Semtech Corporation will post 1.81 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SMTC shares. Needham & Company LLC restated a “buy” rating and set a $200.00 price target on shares of Semtech in a report on Monday, July 13th. UBS Group upped their price objective on shares of Semtech from $165.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, May 27th. Zacks Research upgraded shares of Semtech from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 29th. Citigroup downgraded shares of Semtech from a “buy” rating to a “market perform” rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley boosted their target price on shares of Semtech from $155.00 to $175.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $189.07.

About Semtech

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.