Artisan Partners Limited Partnership Takes $22.70 Million Position in Semtech Corporation $SMTC

Artisan Partners Limited Partnership purchased a new position in shares of Semtech Corporation (NASDAQ:SMTC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 317,658 shares of the semiconductor company’s stock, valued at approximately $22,697,000. Artisan Partners Limited Partnership owned approximately 0.37% of Semtech as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SMTC. Westfield Capital Management Co. LP increased its position in Semtech by 107.8% during the 2nd quarter. Westfield Capital Management Co. LP now owns 2,747,260 shares of the semiconductor company’s stock worth $124,011,000 after purchasing an additional 1,424,909 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Semtech by 10.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 7,112,097 shares of the semiconductor company’s stock valued at $321,040,000 after buying an additional 666,456 shares during the period. Atreides Management LP purchased a new stake in shares of Semtech in the second quarter valued at approximately $29,880,000. Hood River Capital Management LLC grew its holdings in Semtech by 36.0% during the second quarter. Hood River Capital Management LLC now owns 2,244,631 shares of the semiconductor company’s stock worth $101,323,000 after acquiring an additional 594,529 shares during the period. Finally, Emerald Advisers LLC acquired a new position in Semtech during the third quarter worth $29,944,000.

Semtech Stock Down 0.3%

SMTC 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. The company’s 50 day simple moving average is $81.28 and its 200-day simple moving average is $71.25. Semtech Corporation has a 12 month low of $24.05 and a 12 month high of $93.96. The firm has a market capitalization of $8.35 billion, a PE ratio of 291.03 and a beta of 2.01.

Analyst Ratings Changes

SMTC has been the subject of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $95.00 target price (up from $70.00) on shares of Semtech in a research report on Thursday, December 11th. B. Riley Financial boosted their price objective on shares of Semtech from $90.00 to $91.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Roth Mkm increased their target price on shares of Semtech from $65.00 to $77.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Robert W. Baird lifted their price target on shares of Semtech from $70.00 to $88.00 and gave the company an “outperform” rating in a research report on Tuesday, November 25th. Finally, Stifel Nicolaus upped their price target on Semtech from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, January 16th. Fourteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.21.

Insider Buying and Selling

In related 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 completion of the transaction, the chief operating officer owned 68,496 shares of the company’s stock, valued at approximately $6,301,632. The trade was a 12.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Lin sold 1,333 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $76.20, for a total transaction of $101,574.60. Following the sale, the chief financial officer directly owned 18,477 shares in the company, valued at $1,407,947.40. This represents a 6.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 26,967 shares of company stock valued at $2,236,108. Company insiders own 0.48% of the company’s stock.

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.