Everence Capital Management Inc. Sells 5,760 Shares of Semtech Co. (NASDAQ:SMTC)

Everence Capital Management Inc. trimmed its holdings in Semtech Co. (NASDAQ:SMTC) by 59.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,970 shares of the semiconductor company’s stock after selling 5,760 shares during the quarter. Everence Capital Management Inc.’s holdings in Semtech were worth $246,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Millennium Management LLC raised its stake in shares of Semtech by 26.6% in the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after acquiring an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in shares of Semtech by 4.6% in the third quarter. Disciplined Growth Investors Inc. MN now owns 2,609,984 shares of the semiconductor company’s stock valued at $119,172,000 after purchasing an additional 114,999 shares in the last quarter. Geode Capital Management LLC raised its position in Semtech by 8.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,617,783 shares of the semiconductor company’s stock worth $73,883,000 after purchasing an additional 119,572 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in Semtech during the 2nd quarter worth $43,395,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Semtech by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock valued at $48,303,000 after buying an additional 100,410 shares during the last quarter.

Semtech Stock Up 3.8 %

Shares of SMTC stock opened at $67.60 on Thursday. Semtech Co. has a 12-month low of $18.16 and a 12-month high of $70.27. The firm has a fifty day moving average of $58.70 and a 200-day moving average of $45.29. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of -5.18 and a beta of 1.65.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter last year, the business posted $0.02 EPS. On average, equities analysts expect that Semtech Co. will post -0.01 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Mark Lin sold 1,359 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $65.15, for a total value of $88,538.85. Following the completion of the transaction, the chief financial officer now owns 4,164 shares in the company, valued at $271,284.60. This trade represents a 24.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Imran Sherazi sold 2,946 shares of the company’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the sale, the senior vice president now owns 6,317 shares in the company, valued at $399,866.10. The trade was a 31.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,419 shares of company stock valued at $676,955 in the last quarter. 0.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SMTC. Benchmark upped their price target on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. B. Riley upped their target price on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 target price (up previously from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Craig Hallum boosted their price target on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Roth Mkm raised their price objective on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.70.

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.