State of New Jersey Common Pension Fund D Cuts Stock Holdings in Semtech Corporation $SMTC

State of New Jersey Common Pension Fund D decreased its holdings in shares of Semtech Corporation (NASDAQ:SMTC) by 5.5% during the second quarter, HoldingsChannel reports. The firm owned 49,840 shares of the semiconductor company’s stock after selling 2,915 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Semtech were worth $2,250,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position 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 period. Nordea Investment Management AB purchased a new position in Semtech during the 2nd quarter valued at about $4,230,000. Deutsche Bank AG increased its position 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 period. Wellington Management Group LLP increased its position in Semtech by 7.9% during the 1st quarter. Wellington Management Group LLP now owns 2,313,213 shares of the semiconductor company’s stock valued at $79,575,000 after purchasing an additional 170,132 shares during the period. Finally, Paradigm Capital Management Inc. NY purchased a new position in Semtech during the 1st quarter valued at about $6,591,000.

Semtech Stock Down 0.3%

NASDAQ:SMTC opened at $70.44 on Wednesday. The company has a market cap of $6.11 billion, a PE ratio of 293.50 and a beta of 2.01. Semtech Corporation has a twelve month low of $24.05 and a twelve month high of $79.52. The company has a current ratio of 2.53, a quick ratio of 1.78 and a debt-to-equity ratio of 0.94. The company’s 50 day moving average is $63.40 and its two-hundred day moving average is $49.18.

Insider Buying and Selling at Semtech

In other Semtech news, CFO Mark Lin sold 971 shares of Semtech stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $72.83, for a total transaction of $70,717.93. Following the completion of the sale, the chief financial officer directly owned 17,844 shares in the company, valued at approximately $1,299,578.52. The trade was a 5.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Paul V. Walsh, Jr. sold 500 shares of Semtech stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $66.24, for a total transaction of $33,120.00. Following the sale, the director owned 26,779 shares of the company’s stock, valued at approximately $1,773,840.96. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 4,971 shares of company stock worth $323,463. Company insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SMTC shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Semtech in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Semtech from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 18th. Piper Sandler lifted their price objective on shares of Semtech from $55.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 26th. Northland Securities lifted their price objective on shares of Semtech from $48.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 26th. Finally, Craig Hallum lifted their price objective on shares of Semtech from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Fourteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and an average target price of $67.50.

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.