Semtech Co. (NASDAQ:SMTC) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its stake in shares of Semtech Co. (NASDAQ:SMTC) by 20.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,609 shares of the semiconductor company’s stock after buying an additional 768 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Semtech were worth $285,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SMTC. Smartleaf Asset Management LLC grew its stake in Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 505 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Semtech by 51.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company’s stock worth $109,000 after purchasing an additional 598 shares during the period. GAMMA Investing LLC boosted its position in Semtech by 15.3% in the fourth quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock valued at $196,000 after buying an additional 421 shares during the last quarter. Accel Wealth Management acquired a new position in Semtech in the 4th quarter worth approximately $204,000. Finally, KBC Group NV raised its position in Semtech by 113.0% during the 4th quarter. KBC Group NV now owns 3,498 shares of the semiconductor company’s stock worth $216,000 after buying an additional 1,856 shares during the last quarter.

Semtech Stock Performance

Shares of NASDAQ SMTC opened at $39.62 on Friday. The firm has a fifty day moving average of $49.04 and a 200 day moving average of $51.05. The firm has a market cap of $3.00 billion, a PE ratio of -3.04, a PEG ratio of 2.12 and a beta of 1.69. Semtech Co. has a one year low of $22.13 and a one year high of $79.52.

Semtech (NASDAQ:SMTC) last released its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. The firm’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) EPS. On average, equities analysts predict that Semtech Co. will post -0.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SMTC shares. Stifel Nicolaus dropped their price objective on shares of Semtech from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Robert W. Baird cut their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Roth Mkm lifted their price objective on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark lowered their target price on Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Finally, Northland Securities lifted their price target on Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $61.55.

Insider Buying and Selling at Semtech

In related news, SVP Imran Sherazi sold 1,338 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $75.00, for a total transaction of $100,350.00. Following the completion of the sale, the senior vice president now owns 14 shares of the company’s stock, valued at approximately $1,050. This represents a 98.96 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Lin sold 10,890 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the sale, the chief financial officer now owns 11,625 shares of the company’s stock, valued at approximately $403,155. The trade was a 48.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,577 shares of company stock valued at $884,310 over the last quarter. 0.60% of the stock is currently owned by insiders.

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.