Maryland State Retirement & Pension System Has $863,000 Holdings in Semtech Corporation (NASDAQ:SMTC)

Maryland State Retirement & Pension System cut its position in shares of Semtech Corporation (NASDAQ:SMTC) by 11.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,101 shares of the semiconductor company’s stock after selling 3,306 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Semtech were worth $863,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SMTC. LPL Financial LLC increased its position in shares of Semtech by 18.3% during the fourth quarter. LPL Financial LLC now owns 19,154 shares of the semiconductor company’s stock worth $1,185,000 after buying an additional 2,965 shares during the period. Franklin Resources Inc. acquired a new stake in shares of Semtech during the fourth quarter worth $922,000. Envestnet Asset Management Inc. increased its position in shares of Semtech by 65.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 86,282 shares of the semiconductor company’s stock worth $5,337,000 after buying an additional 33,980 shares during the period. Legal & General Group Plc boosted its stake in Semtech by 12.8% during the fourth quarter. Legal & General Group Plc now owns 230,949 shares of the semiconductor company’s stock worth $14,284,000 after acquiring an additional 26,172 shares in the last quarter. Finally, Advisory Services Network LLC boosted its stake in Semtech by 109.5% during the fourth quarter. Advisory Services Network LLC now owns 14,859 shares of the semiconductor company’s stock worth $919,000 after acquiring an additional 7,767 shares in the last quarter.

Insider Transactions at Semtech

In related news, COO Asaf Silberstein sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total transaction of $85,960.00. Following the transaction, the chief operating officer directly owned 105,996 shares of the company’s stock, valued at $4,555,708.08. This trade represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Lin sold 999 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $43.84, for a total transaction of $43,796.16. Following the transaction, the chief financial officer directly owned 17,211 shares in the company, valued at $754,530.24. The trade was a 5.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

Semtech Stock Down 4.5%

Semtech stock opened at $48.56 on Tuesday. The company has a current ratio of 2.53, a quick ratio of 1.81 and a debt-to-equity ratio of 0.95. The firm’s fifty day moving average price is $46.34 and its two-hundred day moving average price is $40.62. Semtech Corporation has a 1-year low of $24.05 and a 1-year high of $79.52. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of -23.57 and a beta of 1.94.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.10. Semtech had a negative net margin of 12.52% and a positive return on equity of 19.66%. The company had revenue of $251.10 million for the quarter, compared to analyst estimates of $249.79 million. During the same period last year, the firm earned $0.06 earnings per share. The firm’s revenue was up 21.8% on a year-over-year basis. On average, equities research analysts predict that Semtech Corporation will post -0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SMTC. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Semtech in a research note on Wednesday, May 28th. UBS Group cut their target price 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. Morgan Stanley set a $43.00 target price on shares of Semtech in a research note on Wednesday, May 28th. Benchmark reissued a “buy” rating and set a $68.00 target price on shares of Semtech in a research note on Wednesday, May 28th. Finally, Stifel Nicolaus increased their target price on shares of Semtech from $45.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 18th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.58.

About Semtech

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.