Heartland Advisors Inc. Increases Position in Semtech Co. (NASDAQ:SMTC)

Heartland Advisors Inc. boosted its holdings in Semtech Co. (NASDAQ:SMTC) by 30.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 209,392 shares of the semiconductor company’s stock after purchasing an additional 48,599 shares during the period. Heartland Advisors Inc. owned about 0.28% of Semtech worth $12,951,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Semtech by 10.5% during 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. Citigroup Inc. boosted its stake in Semtech by 50.0% during the 3rd quarter. Citigroup Inc. now owns 97,401 shares of the semiconductor company’s stock valued at $4,447,000 after acquiring an additional 32,454 shares during the last quarter. Cerity Partners LLC acquired a new position in Semtech during the 3rd quarter worth $487,000. Glenmede Trust Co. NA bought a new stake in shares of Semtech in the 3rd quarter worth about $304,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Semtech in the 3rd quarter valued at about $3,237,000.

Semtech Price Performance

Shares of SMTC stock opened at $36.95 on Friday. Semtech Co. has a 12-month low of $27.13 and a 12-month high of $79.52. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -2.83, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69. The business has a 50 day simple moving average of $46.74 and a 200 day simple moving average of $50.99.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. Semtech’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period last year, the business posted ($0.06) earnings per share. On average, equities analysts anticipate that Semtech Co. will post -0.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on SMTC. Craig Hallum decreased their price target on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target on shares of Semtech in a report on Friday, March 14th. Robert W. Baird reduced their price objective on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 price objective (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Finally, Northland Securities raised their price target 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. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $61.55.

Insiders Place Their Bets

In related 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 transaction of $88,538.85. Following the completion of the transaction, the chief financial officer now owns 4,164 shares of the company’s stock, valued at $271,284.60. This trade represents a 24.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Imran Sherazi sold 1,338 shares of the business’s stock in a transaction dated Friday, January 17th. The stock was 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 in the company, valued at approximately $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,577 shares of company stock worth $884,310. 0.60% of the stock is 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.