Semtech Co. (NASDAQ:SMTC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in Semtech Co. (NASDAQ:SMTC) by 5.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 392,099 shares of the semiconductor company’s stock after selling 20,469 shares during the period. Principal Financial Group Inc. owned about 0.61% of Semtech worth $9,983,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Mackenzie Financial Corp acquired a new position in shares of Semtech in the 2nd quarter valued at about $726,000. State of New Jersey Common Pension Fund D boosted its holdings in shares of Semtech by 43.9% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 110,204 shares of the semiconductor company’s stock valued at $2,806,000 after buying an additional 33,607 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Semtech by 89.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 20,088 shares of the semiconductor company’s stock valued at $511,000 after buying an additional 9,500 shares during the period. LPL Financial LLC acquired a new position in shares of Semtech in the 2nd quarter valued at about $260,000. Finally, Inspire Investing LLC boosted its holdings in shares of Semtech by 10.0% in the 2nd quarter. Inspire Investing LLC now owns 12,329 shares of the semiconductor company’s stock valued at $314,000 after buying an additional 1,118 shares during the period.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Craig Hallum cut their price objective on shares of Semtech from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, September 14th. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price objective on shares of Semtech in a research report on Thursday, September 14th. Susquehanna cut their price objective on shares of Semtech from $30.00 to $25.00 and set a “positive” rating on the stock in a research report on Tuesday, October 24th. Benchmark upgraded shares of Semtech from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Thursday, October 19th. Finally, Piper Sandler dropped their price target on shares of Semtech from $40.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, September 14th. One equities research analyst has rated the stock with a sell rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Semtech has an average rating of “Moderate Buy” and a consensus target price of $34.31.

Insider Activity at Semtech

In other Semtech news, Director Paul V. Walsh, Jr. bought 20,000 shares of Semtech stock in a transaction on Monday, September 18th. The stock was purchased at an average cost of $24.83 per share, for a total transaction of $496,600.00. Following the completion of the purchase, the director now directly owns 20,888 shares of the company’s stock, valued at $518,649.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Michael W. Rodensky sold 18,227 shares of the business’s stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $25.50, for a total value of $464,788.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul V. Walsh, Jr. acquired 20,000 shares of Semtech stock in a transaction dated Monday, September 18th. The stock was purchased at an average price of $24.83 per share, with a total value of $496,600.00. Following the completion of the purchase, the director now directly owns 20,888 shares of the company’s stock, valued at approximately $518,649.04. The disclosure for this purchase can be found here. 1.20% of the stock is currently owned by insiders.

Semtech Stock Performance

Semtech stock opened at $15.91 on Tuesday. The firm’s 50 day simple moving average is $19.89 and its 200-day simple moving average is $22.89. The company has a market cap of $1.02 billion, a P/E ratio of -2.32 and a beta of 1.71. The company has a debt-to-equity ratio of 3.63, a current ratio of 1.96 and a quick ratio of 1.40. Semtech Co. has a fifty-two week low of $13.13 and a fifty-two week high of $35.18.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Wednesday, September 13th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.09. Semtech had a negative net margin of 53.62% and a positive return on equity of 2.94%. The firm had revenue of $238.37 million for the quarter, compared to the consensus estimate of $237.37 million. During the same period in the previous year, the firm posted $0.71 earnings per share. The firm’s revenue was up 13.9% on a year-over-year basis. As a group, equities research analysts predict that Semtech Co. will post -0.71 EPS for the current year.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.