Soros Fund Management LLC Makes New $6.19 Million Investment in Semtech Co. (NASDAQ:SMTC)

Soros Fund Management LLC bought a new position in Semtech Co. (NASDAQ:SMTC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the semiconductor company’s stock, valued at approximately $6,185,000. Soros Fund Management LLC owned about 0.13% of Semtech at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Northern Trust Corp increased its stake in Semtech by 26.3% in the fourth quarter. Northern Trust Corp now owns 865,472 shares of the semiconductor company’s stock valued at $53,529,000 after purchasing an additional 180,098 shares in the last quarter. Oxford Asset Management LLP acquired a new position in shares of Semtech during the 4th quarter worth about $345,000. Boothbay Fund Management LLC boosted its stake in shares of Semtech by 48.9% during the 4th quarter. Boothbay Fund Management LLC now owns 40,663 shares of the semiconductor company’s stock worth $2,515,000 after buying an additional 13,348 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Semtech during the 4th quarter worth about $2,511,000. Finally, Ghisallo Capital Management LLC acquired a new stake in Semtech in the 4th quarter valued at about $14,226,000.

Semtech Trading Down 0.3 %

Shares of NASDAQ:SMTC opened at $29.93 on Tuesday. The stock has a market cap of $2.59 billion, a PE ratio of -2.29, a price-to-earnings-growth ratio of 2.12 and a beta of 1.85. Semtech Co. has a 1-year low of $24.05 and a 1-year high of $79.52. The stock’s fifty day simple moving average is $33.04 and its two-hundred day simple moving average is $48.61.

Semtech (NASDAQ:SMTC) last released its earnings results on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The business had revenue of $251.00 million for the quarter, compared to the consensus estimate of $249.40 million. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. On average, sell-side analysts forecast that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Robert W. Baird lowered their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Benchmark cut their target price on shares of Semtech from $82.00 to $68.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. UBS Group cut their target price on shares of Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Stifel Nicolaus reduced their target price on Semtech from $54.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a report on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Semtech presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.33.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $37.71, for a total transaction of $109,622.97. Following the completion of the transaction, the chief financial officer now owns 13,481 shares of the company’s stock, valued at $508,368.51. The trade was a 17.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 16,787 shares of company stock valued at $665,044. 0.60% of the stock is owned by insiders.

Semtech Company 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.