Kayne Anderson Rudnick Investment Management LLC Makes New Investment in Semtech Co. (NASDAQ:SMTC)

by · The Markets Daily

Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Semtech Co. (NASDAQ:SMTC – Free Report) in the fourth quarter, Holdings Channel reports. The fund bought 841 shares of the semiconductor company’s stock, valued at approximately $52,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SMTC. Moody National Bank Trust Division grew its stake in Semtech by 148.6% during the fourth quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock valued at $1,272,000 after acquiring an additional 12,296 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Semtech by 15.8% during the 4th quarter. Principal Financial Group Inc. now owns 410,613 shares of the semiconductor company’s stock valued at $25,396,000 after purchasing an additional 56,108 shares in the last quarter. Rhumbline Advisers grew its position in shares of Semtech by 6.1% during the 4th quarter. Rhumbline Advisers now owns 205,363 shares of the semiconductor company’s stock valued at $12,702,000 after purchasing an additional 11,878 shares in the last quarter. Convergence Investment Partners LLC bought a new position in shares of Semtech in the fourth quarter worth $2,680,000. Finally, Stephens Inc. AR purchased a new stake in shares of Semtech in the fourth quarter worth $889,000.

Semtech Trading Up 10.0 %

SMTC opened at $27.15 on Thursday. The company has a market cap of $2.35 billion, a P/E ratio of -2.08, a P/E/G ratio of 2.12 and a beta of 1.85. Semtech Co. has a 12 month low of $24.05 and a 12 month high of $79.52. The business’s 50-day moving average price is $33.50 and its 200-day moving average price is $48.80.

Semtech (NASDAQ:SMTC – Get Free Report) last released its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. During the same period last year, the company posted ($0.06) EPS. The business’s revenue for the quarter was up 30.1% compared to the same quarter last year. Equities research analysts forecast that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 10,890 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the completion of the transaction, the chief financial officer now owns 11,625 shares of the company’s stock, valued at $403,155. This represents a 48.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 16,787 shares of company stock valued at $665,044 in the last quarter. Company insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SMTC. Robert W. Baird decreased their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. UBS Group decreased their price objective on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Craig Hallum dropped their target price on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Piper Sandler reissued an “overweight” rating and issued a $55.00 price target (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Finally, Morgan Stanley started coverage on shares of Semtech in a research report on Monday, April 7th. They set an “equal weight” rating and a $30.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Semtech has a consensus rating of “Moderate Buy” and an average price target of $57.33.

Get Our Latest Analysis on SMTC

Semtech Company Profile

(Free Report)

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

Read More

Want to see what other hedge funds are holding SMTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Semtech Co. (NASDAQ:SMTC – Free Report).