Convergence Investment Partners LLC Invests $2.68 Million in Semtech Co. (NASDAQ:SMTC)

Convergence Investment Partners LLC acquired a new position in Semtech Co. (NASDAQ:SMTC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 43,332 shares of the semiconductor company’s stock, valued at approximately $2,680,000. Convergence Investment Partners LLC owned approximately 0.06% of Semtech as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Huntington National Bank increased its holdings in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares during the last quarter. International Assets Investment Management LLC increased its holdings in Semtech by 4,464.9% during the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock worth $77,000 after buying an additional 1,652 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Semtech by 51.1% during the fourth quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company’s stock worth $109,000 after buying an additional 598 shares during the last quarter. Van ECK Associates Corp acquired a new position in Semtech during the third quarter worth $125,000. Finally, CWM LLC increased its holdings in Semtech by 33.9% during the third quarter. CWM LLC now owns 3,230 shares of the semiconductor company’s stock worth $147,000 after buying an additional 818 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SMTC shares. Susquehanna boosted their target price on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Roth Mkm upped their price objective on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday, November 25th. Piper Sandler restated an “overweight” rating and issued a $55.00 price target (down from $75.00) on shares of Semtech in a research note on Monday, February 10th. Needham & Company LLC decreased their price target on shares of Semtech from $74.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Finally, Robert W. Baird decreased their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and an average target price of $67.91.

Semtech Price Performance

SMTC stock opened at $37.05 on Wednesday. Semtech Co. has a 12 month low of $19.39 and a 12 month high of $79.52. The firm has a 50-day moving average price of $61.90 and a 200-day moving average price of $51.06.

Semtech (NASDAQ:SMTC) last posted its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.02 EPS. On average, analysts anticipate that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Imran Sherazi sold 2,946 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares of the company’s stock, valued at $399,866.10. This represents a 31.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at $5,349,190. This represents a 2.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,747 shares of company stock valued at $1,095,061 over the last quarter. 0.60% of the stock is owned by company insiders.

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.