Harbor Capital Advisors Inc. Raises Position in Semtech Co. (NASDAQ:SMTC)

Harbor Capital Advisors Inc. raised its holdings in Semtech Co. (NASDAQ:SMTC) by 188.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 266,836 shares of the semiconductor company’s stock after buying an additional 174,441 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.31% of Semtech worth $9,179,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SMTC. Whale Rock Capital Management LLC lifted its position in shares of Semtech by 364.2% during the 4th quarter. Whale Rock Capital Management LLC now owns 3,266,202 shares of the semiconductor company’s stock worth $202,015,000 after purchasing an additional 2,562,602 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Semtech by 827.0% during the 4th 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. lifted its position in shares of Semtech by 13.0% during the 4th 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. purchased a new stake in shares of Semtech during the 4th quarter worth $51,315,000. Finally, Fred Alger Management LLC lifted its position in shares of Semtech by 122.6% during the 4th quarter. Fred Alger Management LLC now owns 1,491,844 shares of the semiconductor company’s stock worth $92,271,000 after purchasing an additional 821,671 shares during the last quarter.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several recent analyst reports. Stifel Nicolaus lifted their price objective on shares of Semtech from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Morgan Stanley set a $43.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Benchmark reaffirmed a “buy” rating and set a $68.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. UBS Group cut their price target on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Finally, Piper Sandler reissued an “overweight” rating and issued a $55.00 price target (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Semtech currently has an average rating of “Moderate Buy” and a consensus target price of $58.58.

Insider Activity

In other news, CFO Mark Lin sold 2,907 shares of the company’s stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $37.71, for a total value of $109,622.97. Following the completion of the sale, the chief financial officer now directly owns 13,481 shares of the company’s stock, valued at approximately $508,368.51. This represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Semtech Price Performance

Shares of SMTC opened at $41.35 on Tuesday. Semtech Co. has a 1-year low of $24.05 and a 1-year high of $79.52. The stock has a market cap of $3.58 billion, a PE ratio of -3.17, a price-to-earnings-growth ratio of 2.12 and a beta of 1.88. The firm has a fifty day moving average price of $33.17 and a 200 day moving average price of $46.58.

Semtech (NASDAQ:SMTC) last announced its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. During the same period in the previous year, the company posted ($0.06) earnings per share. Semtech’s quarterly revenue was up 30.1% on a year-over-year basis. As a group, equities analysts expect that Semtech Co. will post -0.02 EPS for the current fiscal year.

Semtech 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.