Summit Investment Advisors Inc. Buys 1,244 Shares of Semtech Co. (NASDAQ:SMTC)

Summit Investment Advisors Inc. boosted its stake in Semtech Co. (NASDAQ:SMTC) by 19.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,601 shares of the semiconductor company’s stock after acquiring an additional 1,244 shares during the period. Summit Investment Advisors Inc.’s holdings in Semtech were worth $470,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMTC. Hollencrest Capital Management bought a new stake in shares of Semtech in the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC raised its stake in shares of Semtech by 190.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 505 shares during the period. AlphaQuest LLC lifted its position in shares of Semtech by 173.5% during the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock valued at $75,000 after buying an additional 772 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Semtech during the 4th quarter worth $91,000. Finally, Quadrant Capital Group LLC grew its stake in shares of Semtech by 27.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,567 shares of the semiconductor company’s stock worth $97,000 after acquiring an additional 337 shares during the period.

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 2,990 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total transaction of $177,755.50. Following the completion of the sale, the chief financial officer now directly owns 5,446 shares in the company, valued at $323,764.70. This represents a 35.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold 16,787 shares of company stock worth $665,044 over the last ninety days. Insiders own 0.60% of the company’s stock.

Semtech Price Performance

SMTC stock opened at $26.22 on Friday. The firm has a 50 day simple moving average of $34.19 and a two-hundred day simple moving average of $49.18. The stock has a market cap of $2.27 billion, a PE ratio of -2.01, a P/E/G ratio of 2.12 and a beta of 1.85. Semtech Co. has a one year low of $24.72 and a one year high of $79.52.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results 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 firm had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. During the same quarter in the previous year, the business earned ($0.06) EPS. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. On average, research analysts expect that Semtech Co. will post -0.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Morgan Stanley initiated coverage on shares of Semtech in a report on Monday, April 7th. They set an “equal weight” rating and a $30.00 price objective on the stock. Stifel Nicolaus reduced their price objective on shares of Semtech from $54.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday. Piper Sandler restated an “overweight” rating and set a $55.00 target price (down previously from $75.00) on shares of Semtech in a research report on Monday, February 10th. Benchmark decreased their price objective 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, UBS Group cut their target price on Semtech from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.33.

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.