Nuveen Asset Management LLC Grows Holdings in Semtech Co. (NASDAQ:SMTC)

Nuveen Asset Management LLC raised its position in Semtech Co. (NASDAQ:SMTC) by 57.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 569,339 shares of the semiconductor company’s stock after purchasing an additional 206,693 shares during the period. Nuveen Asset Management LLC owned about 0.75% of Semtech worth $35,214,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of Semtech by 827.0% during the fourth quarter. Wellington Management Group LLP now owns 2,143,081 shares of the semiconductor company’s stock worth $132,550,000 after purchasing an additional 1,911,890 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Semtech by 13.0% during the fourth quarter. Vanguard Group Inc. now owns 11,542,545 shares of the semiconductor company’s stock worth $713,906,000 after purchasing an additional 1,326,226 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Semtech during the fourth quarter worth $51,315,000. Fred Alger Management LLC grew its holdings in Semtech by 122.6% in the fourth quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock valued at $92,271,000 after purchasing an additional 821,671 shares during the period. Finally, Capital World Investors acquired a new position in Semtech during the fourth quarter worth approximately $37,110,000.

Semtech Stock Down 2.0%

NASDAQ SMTC opened at $39.35 on Wednesday. The stock has a market cap of $3.41 billion, a PE ratio of -3.02, a P/E/G ratio of 2.12 and a beta of 1.88. Semtech Co. has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The business has a 50 day moving average price of $33.30 and a two-hundred day moving average price of $47.62.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. The firm’s revenue was up 30.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) EPS. Sell-side analysts anticipate that Semtech Co. will post -0.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target on shares of Semtech in a research note on Friday, March 14th. Benchmark cut their price target on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Piper Sandler restated an “overweight” rating and issued a $55.00 price objective (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Stifel Nicolaus cut their price objective on Semtech from $54.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Finally, Craig Hallum cut their price objective on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, March 14th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Semtech has a consensus rating of “Moderate Buy” and an average price target of $56.92.

Insider Activity

In related news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the sale, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. The trade was a 48.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.60% of the company’s stock.

Semtech Company Profile

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.