Truist Financial Corp Grows Stock Holdings in Semtech Co. (NASDAQ:SMTC)

Truist Financial Corp grew its holdings in Semtech Co. (NASDAQ:SMTC) by 147.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,708 shares of the semiconductor company’s stock after buying an additional 15,338 shares during the period. Truist Financial Corp’s holdings in Semtech were worth $1,590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Principal Financial Group Inc. increased its position in shares of Semtech by 15.8% during the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company’s stock valued at $25,396,000 after purchasing an additional 56,108 shares during the last quarter. Rhumbline Advisers boosted its stake in Semtech by 6.1% during the fourth quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company’s stock worth $12,702,000 after buying an additional 11,878 shares during the period. New York State Teachers Retirement System increased its position in Semtech by 3.8% during the fourth quarter. New York State Teachers Retirement System now owns 82,202 shares of the semiconductor company’s stock valued at $5,084,000 after acquiring an additional 2,981 shares during the last quarter. Van ECK Associates Corp increased its position in Semtech by 332.1% during the fourth quarter. Van ECK Associates Corp now owns 12,103 shares of the semiconductor company’s stock valued at $749,000 after acquiring an additional 9,302 shares during the last quarter. Finally, Legato Capital Management LLC raised its stake in shares of Semtech by 40.0% in the fourth quarter. Legato Capital Management LLC now owns 18,260 shares of the semiconductor company’s stock valued at $1,129,000 after acquiring an additional 5,215 shares during the period.

Semtech Price Performance

SMTC stock opened at $35.06 on Friday. Semtech Co. has a 1-year low of $19.83 and a 1-year high of $79.52. The business has a 50-day moving average price of $58.04 and a 200 day moving average price of $51.17. The company has a market capitalization of $2.65 billion, a P/E ratio of -2.69, a PEG ratio of 2.12 and a beta of 1.64.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. During the same quarter in the prior year, the firm posted $0.02 EPS. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year. On average, analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Semtech

In other news, SVP Imran Sherazi sold 2,946 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the sale, the senior vice president now directly owns 6,317 shares in the company, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total transaction of $401,934.36. Following the transaction, the chief financial officer now owns 3,531 shares of the company’s stock, valued at approximately $232,127.94. This trade represents a 63.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,747 shares of company stock valued at $1,095,061 over the last ninety days. 0.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SMTC shares. UBS Group assumed coverage on shares of Semtech in a report on Friday, January 17th. They set a “buy” rating and a $85.00 price target on the stock. B. Riley upped their target price on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Needham & Company LLC reduced their price target on Semtech from $74.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Stifel Nicolaus dropped their price objective on Semtech from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday, February 10th. Finally, Benchmark upped their price objective on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Semtech has an average rating of “Moderate Buy” and an average target price of $67.91.

About Semtech

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.