Connors Investor Services Inc. Raises Holdings in Semtech Corporation $SMTC

Connors Investor Services Inc. raised its holdings in shares of Semtech Corporation (NASDAQ:SMTC) by 34.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 64,529 shares of the semiconductor company’s stock after purchasing an additional 16,679 shares during the period. Connors Investor Services Inc. owned approximately 0.07% of Semtech worth $2,913,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Semtech by 4.2% during the 1st quarter. Principal Financial Group Inc. now owns 427,958 shares of the semiconductor company’s stock valued at $14,722,000 after purchasing an additional 17,345 shares during the last quarter. Deutsche Bank AG boosted its stake in Semtech by 168.1% during the 1st quarter. Deutsche Bank AG now owns 1,210,078 shares of the semiconductor company’s stock valued at $41,627,000 after purchasing an additional 758,642 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Semtech by 7.9% in the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company’s stock worth $79,575,000 after buying an additional 170,132 shares during the last quarter. Paradigm Capital Management Inc. NY purchased a new position in shares of Semtech in the 1st quarter worth $6,591,000. Finally, Nordea Investment Management AB bought a new stake in shares of Semtech in the second quarter worth $4,230,000.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Stifel Nicolaus set a $80.00 target price on Semtech in a report on Wednesday, October 1st. Benchmark increased their target price on Semtech from $68.00 to $76.00 and gave the company a “buy” rating in a report on Tuesday, September 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Semtech in a report on Wednesday, October 8th. Cowen assumed coverage on Semtech in a report on Tuesday, September 30th. They issued a “buy” rating on the stock. Finally, TD Cowen assumed coverage on Semtech in a report on Wednesday, October 1st. They issued a “buy” rating and a $75.00 target price on the stock. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $65.36.

Semtech Stock Performance

NASDAQ:SMTC opened at $65.13 on Thursday. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94. Semtech Corporation has a 12-month low of $24.05 and a 12-month high of $79.52. The stock has a 50-day moving average price of $61.83 and a 200 day moving average price of $47.74. The stock has a market capitalization of $5.65 billion, a P/E ratio of 271.38 and a beta of 2.01.

Insider Activity

In related news, Director Martin Burvill sold 3,500 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $62.75, for a total transaction of $219,625.00. Following the completion of the sale, the director owned 6,909 shares in the company, valued at approximately $433,539.75. This trade represents a 33.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Lin sold 971 shares of the stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $72.83, for a total value of $70,717.93. Following the sale, the chief financial officer owned 17,844 shares of the company’s stock, valued at $1,299,578.52. This represents a 5.16% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

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.