US Bancorp DE Raises Stock Holdings in Semtech Co. (NASDAQ:SMTC)

US Bancorp DE raised its stake in shares of Semtech Co. (NASDAQ:SMTC) by 129.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 10,350 shares of the semiconductor company’s stock after buying an additional 5,830 shares during the period. US Bancorp DE’s holdings in Semtech were worth $640,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Whale Rock Capital Management LLC acquired a new position in shares of Semtech during the 3rd quarter worth approximately $32,126,000. Victory Capital Management Inc. grew its stake in shares of Semtech by 130.7% in the third quarter. Victory Capital Management Inc. now owns 824,198 shares of the semiconductor company’s stock worth $37,633,000 after acquiring an additional 466,868 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Semtech by 198.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 414,801 shares of the semiconductor company’s stock worth $18,940,000 after purchasing an additional 275,717 shares in the last quarter. WCM Investment Management LLC acquired a new position in shares of Semtech during the fourth quarter worth $15,180,000. Finally, Wellington Management Group LLP acquired a new position in shares of Semtech during the third quarter worth $10,556,000.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SMTC shares. Stifel Nicolaus decreased their price objective on shares of Semtech from $75.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Benchmark increased their target price on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Robert W. Baird lowered their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Northland Securities raised their target price on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $55.00 price target (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.91.

Semtech Stock Performance

Shares of Semtech stock opened at $32.20 on Wednesday. The firm has a market cap of $2.44 billion, a PE ratio of -2.47, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69. The firm’s 50-day simple moving average is $53.40 and its 200-day simple moving average is $51.37. Semtech Co. has a 1 year low of $21.56 and a 1 year high of $79.52.

Insider Activity

In other Semtech news, CFO Mark Lin sold 6,114 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total value of $401,934.36. Following the completion of the transaction, the chief financial officer now owns 3,531 shares in the company, valued at approximately $232,127.94. This represents a 63.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Imran Sherazi sold 2,946 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the completion of the sale, the senior vice president now directly owns 6,317 shares of the company’s stock, valued at approximately $399,866.10. This represents a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,637 shares of company stock worth $1,472,726. 0.60% of the stock is currently owned by corporate insiders.

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.