Bank of America Corp DE Cuts Stock Position in Semtech Corporation $SMTC

Bank of America Corp DE lessened its holdings in Semtech Corporation (NASDAQ:SMTC) by 42.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,143,314 shares of the semiconductor company’s stock after selling 856,713 shares during the quarter. Bank of America Corp DE’s holdings in Semtech were worth $87,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new stake in shares of Semtech during the 1st quarter worth $33,000. IFP Advisors Inc bought a new position in Semtech during the fourth quarter valued at about $53,000. Smartleaf Asset Management LLC increased its holdings in Semtech by 24.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,274 shares of the semiconductor company’s stock worth $57,000 after buying an additional 247 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in Semtech during the fourth quarter worth about $60,000. Finally, NewEdge Advisors LLC raised its position in Semtech by 1,215.4% in the third quarter. NewEdge Advisors LLC now owns 855 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 790 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. TD Cowen boosted their target price on shares of Semtech from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Mizuho set a $225.00 price target on shares of Semtech in a research note on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Semtech in a report on Thursday, June 18th. Susquehanna upped their price objective on Semtech from $170.00 to $200.00 and gave the company a “positive” rating in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus increased their price objective on Semtech from $157.00 to $188.00 and gave the company a “buy” rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Semtech currently has an average rating of “Moderate Buy” and an average target price of $189.07.

Insider Activity at Semtech

In related news, COO Asaf Silberstein sold 8,500 shares of Semtech stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $127.80, for a total value of $1,086,300.00. Following the completion of the transaction, the chief operating officer directly owned 96,862 shares in the company, valued at approximately $12,378,963.60. The trade was a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Mark Lin sold 970 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $150.41, for a total transaction of $145,897.70. Following the sale, the chief financial officer directly owned 34,896 shares in the company, valued at $5,248,707.36. The trade was a 2.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,234 shares of company stock worth $3,203,091 in the last ninety days. Insiders own 0.44% of the company’s stock.

Semtech Trading Up 3.4%

Shares of Semtech stock opened at $139.42 on Friday. The stock has a market capitalization of $12.99 billion, a P/E ratio of -357.49 and a beta of 2.35. Semtech Corporation has a 52-week low of $46.02 and a 52-week high of $177.35. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.62 and a current ratio of 2.37. The stock’s 50-day simple moving average is $143.09 and its 200 day simple moving average is $113.67.

Semtech (NASDAQ:SMTC) last issued its earnings results on Tuesday, May 26th. The semiconductor company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $291.02 million during the quarter, compared to analyst estimates of $283.53 million. Semtech had a negative net margin of 3.05% and a positive return on equity of 18.31%. The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the business earned $0.38 earnings per share. Semtech has set its Q2 2027 guidance at 0.590-0.630 EPS. As a group, research analysts anticipate that Semtech Corporation will post 1.81 EPS for the current year.

About Semtech

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.