Citigroup Inc. Buys 113,386 Shares of Semtech Corporation $SMTC

Citigroup Inc. raised its stake in shares of Semtech Corporation (NASDAQ:SMTC) by 121.8% in the third quarter, Holdings Channel reports. The institutional investor owned 206,506 shares of the semiconductor company’s stock after buying an additional 113,386 shares during the quarter. Citigroup Inc.’s holdings in Semtech were worth $14,755,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SMTC. New York State Common Retirement Fund increased its stake in Semtech by 55.7% in the 3rd quarter. New York State Common Retirement Fund now owns 277,661 shares of the semiconductor company’s stock worth $19,839,000 after acquiring an additional 99,335 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Semtech by 24.4% in the third quarter. Nordea Investment Management AB now owns 117,669 shares of the semiconductor company’s stock worth $7,992,000 after purchasing an additional 23,086 shares during the last quarter. EFG Asset Management North America Corp. raised its stake in Semtech by 15.6% in the second quarter. EFG Asset Management North America Corp. now owns 94,872 shares of the semiconductor company’s stock valued at $4,282,000 after purchasing an additional 12,796 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in Semtech during the third quarter valued at approximately $4,318,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Semtech in the 3rd quarter worth approximately $9,160,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SMTC shares. Morgan Stanley set a $67.00 price objective on shares of Semtech in a report on Tuesday, November 25th. TD Cowen reaffirmed a “buy” rating on shares of Semtech in a research note on Tuesday. Robert W. Baird upped their price objective on Semtech from $70.00 to $88.00 and gave the stock an “outperform” rating in a report on Tuesday, November 25th. Stifel Nicolaus increased their price objective on Semtech from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, January 16th. Finally, UBS Group reaffirmed a “buy” rating on shares of Semtech in a research note on Tuesday, November 25th. Fourteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Semtech presently has an average rating of “Moderate Buy” and an average target price of $79.21.

Insider Activity at Semtech

In other Semtech news, COO Asaf Silberstein sold 10,000 shares of the business’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $92.00, for a total value of $920,000.00. Following the transaction, the chief operating officer owned 68,496 shares in the company, valued at approximately $6,301,632. The trade was a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory Michael Fischer sold 1,034 shares of the stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $75.50, for a total transaction of $78,067.00. Following the sale, the director owned 2,857 shares of the company’s stock, valued at approximately $215,703.50. This represents a 26.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,967 shares of company stock worth $2,236,108 over the last ninety days. Insiders own 0.48% of the company’s stock.

Semtech Price Performance

Shares of Semtech stock opened at $90.22 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.43 and a quick ratio of 1.71. Semtech Corporation has a one year low of $24.05 and a one year high of $93.96. The business’s 50 day simple moving average is $81.28 and its two-hundred day simple moving average is $71.12. The stock has a market capitalization of $8.35 billion, a P/E ratio of 291.03 and a beta of 2.01.

Semtech Company 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.