Jennison Associates LLC increased its position in shares of Semtech Corp. (NASDAQ:SMTC) by 217.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,454 shares of the company’s stock after buying an additional 46,207 shares during the period. Jennison Associates LLC owned about 0.10% of Semtech Corp. worth $1,870,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of SMTC. Creative Planning increased its position in Semtech Corp. by 0.4% in the second quarter. Creative Planning now owns 6,528 shares of the company’s stock worth $156,000 after buying an additional 28 shares during the period. PineBridge Investments L.P. increased its position in Semtech Corp. by 4.4% in the second quarter. PineBridge Investments L.P. now owns 8,278 shares of the company’s stock worth $198,000 after buying an additional 348 shares during the period. Teacher Retirement System of Texas increased its position in Semtech Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 9,134 shares of the company’s stock worth $218,000 after buying an additional 1,105 shares during the period. Zacks Investment Management bought a new position in Semtech Corp. during the second quarter worth approximately $224,000. Finally, Aspen Investment Management Inc bought a new position in Semtech Corp. during the second quarter worth approximately $230,000. 96.53% of the stock is owned by institutional investors and hedge funds.
Shares of Semtech Corp. (NASDAQ:SMTC) opened at 28.30 on Friday. The stock’s 50 day moving average price is $25.72 and its 200 day moving average price is $25.07. Semtech Corp. has a 12-month low of $15.70 and a 12-month high of $28.45. The company has a market capitalization of $1.86 billion, a PE ratio of 67.22 and a beta of 1.39.
Semtech Corp. (NASDAQ:SMTC) last posted its quarterly earnings results on Wednesday, August 31st. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The company earned $135.90 million during the quarter. Semtech Corp. had a return on equity of 8.89% and a net margin of 5.55%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 EPS. On average, equities research analysts forecast that Semtech Corp. will post $1.34 earnings per share for the current year.
SMTC has been the subject of a number of analyst reports. B. Riley reaffirmed a “buy” rating and issued a $37.00 price target on shares of Semtech Corp. in a research note on Saturday. Drexel Hamilton reissued a “buy” rating and set a $32.00 target price on shares of Semtech Corp. in a research note on Saturday, October 8th. Zacks Investment Research downgraded Semtech Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Semtech Corp. in a research note on Monday, September 5th. Five equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $27.33.
In other news, insider Mohan Maheswaran sold 1,500 shares of the stock in a transaction on Monday, November 14th. The stock was sold at an average price of $26.06, for a total transaction of $39,090.00. Following the completion of the transaction, the insider now owns 180,367 shares in the company, valued at approximately $4,700,364.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark C. Costello sold 3,042 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $27.47, for a total value of $83,563.74. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.
About Semtech Corp.
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.