Semtech Corporation $SMTC Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in Semtech Corporation (NASDAQ:SMTC) by 20.1% during the fourth quarter, Holdings Channel reports. The fund owned 34,394 shares of the semiconductor company’s stock after selling 8,673 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Semtech were worth $2,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Keybank National Association OH increased its stake in shares of Semtech by 21.4% in the fourth quarter. Keybank National Association OH now owns 7,696 shares of the semiconductor company’s stock worth $567,000 after acquiring an additional 1,358 shares during the period. Archer Investment Corp grew its position in Semtech by 7.3% during the fourth quarter. Archer Investment Corp now owns 2,683 shares of the semiconductor company’s stock valued at $198,000 after buying an additional 182 shares during the period. M&T Bank Corp purchased a new position in Semtech in the fourth quarter valued at $246,000. Pictet Asset Management Holding SA raised its position in shares of Semtech by 10.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 13,558 shares of the semiconductor company’s stock worth $999,000 after acquiring an additional 1,271 shares during the period. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of Semtech by 2.4% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 21,711 shares of the semiconductor company’s stock worth $1,600,000 after acquiring an additional 503 shares during the period.

Insiders Place Their Bets

In other news, EVP Jason Elliot Green sold 7,500 shares of Semtech stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $81.73, for a total value of $612,975.00. Following the sale, the executive vice president owned 8,811 shares in the company, valued at $720,123.03. This trade represents a 45.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Martin Burvill sold 2,500 shares of Semtech stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $88.98, for a total transaction of $222,450.00. Following the completion of the sale, the director owned 4,409 shares in the company, valued at approximately $392,312.82. This trade represents a 36.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 46,384 shares of company stock valued at $3,920,140. 0.48% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Weiss Ratings cut Semtech from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Tuesday, March 24th. Benchmark raised their target price on Semtech from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Craig Hallum raised their target price on Semtech from $80.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Robert W. Baird raised their target price on Semtech from $88.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. Finally, Wall Street Zen cut Semtech from a “strong-buy” rating to a “buy” rating in a research report on Monday, January 26th. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.71.

Semtech Stock Up 5.5%

Shares of NASDAQ SMTC opened at $119.19 on Thursday. The company’s 50-day simple moving average is $89.47 and its 200-day simple moving average is $80.45. Semtech Corporation has a 52-week low of $33.06 and a 52-week high of $120.27. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of -270.89 and a beta of 2.22. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.89.

Semtech (NASDAQ:SMTC) last announced its earnings results on Monday, March 16th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The business had revenue of $274.40 million for the quarter, compared to analyst estimates of $273.14 million. During the same quarter last year, the business earned $0.40 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities analysts predict that Semtech Corporation will post 1.6 EPS for the current fiscal year.

Semtech Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.