ExodusPoint Capital Management LP Acquires 27,994 Shares of Semtech Co. (NASDAQ:SMTC)

ExodusPoint Capital Management LP lifted its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 132.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,193 shares of the semiconductor company’s stock after acquiring an additional 27,994 shares during the period. ExodusPoint Capital Management LP’s holdings in Semtech were worth $3,043,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in SMTC. Wellington Management Group LLP boosted its stake in Semtech by 827.0% during the 4th quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock valued at $132,550,000 after purchasing an additional 1,911,890 shares during the last quarter. Vanguard Group Inc. grew its holdings in Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after buying an additional 1,326,226 shares in the last quarter. Schroder Investment Management Group purchased a new stake in Semtech in the 4th quarter valued at $27,254,000. Burkehill Global Management LP bought a new position in Semtech during the 4th quarter valued at $18,555,000. Finally, WCM Investment Management LLC purchased a new position in Semtech during the 4th quarter worth $15,180,000.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several analyst reports. Craig Hallum lowered their target price on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a report on Friday, March 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a report on Monday, February 10th. UBS Group dropped their price target on Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of Semtech in a research note on Friday, March 14th. Finally, Robert W. Baird reduced their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. 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, Semtech has an average rating of “Moderate Buy” and a consensus target price of $58.92.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 10,890 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Imran Sherazi sold 1,338 shares of the stock in a transaction that occurred on 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 $1,050. This 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 20,125 shares of company stock worth $905,394. 0.60% of the stock is owned by company insiders.

Semtech Stock Up 1.1 %

SMTC opened at $28.31 on Tuesday. The firm has a 50-day moving average price of $41.09 and a 200-day moving average price of $50.66. Semtech Co. has a twelve month low of $25.17 and a twelve month high of $79.52. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -2.17, a PEG ratio of 2.12 and a beta of 1.85.

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

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.