Comerica Bank Sells 513,953 Shares of Semtech Corporation $SMTC

Comerica Bank trimmed its position in Semtech Corporation (NASDAQ:SMTC) by 96.0% in the fourth quarter, Holdings Channel reports. The fund owned 21,659 shares of the semiconductor company’s stock after selling 513,953 shares during the quarter. Comerica Bank’s holdings in Semtech were worth $1,596,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Semtech by 2.6% during the fourth quarter. Vanguard Group Inc. now owns 11,858,352 shares of the semiconductor company’s stock worth $873,842,000 after purchasing an additional 298,987 shares during the period. Ameriprise Financial Inc. increased its stake in Semtech by 3.7% in the third quarter. Ameriprise Financial Inc. now owns 7,373,744 shares of the semiconductor company’s stock valued at $526,861,000 after purchasing an additional 261,647 shares in the last quarter. Capital Research Global Investors increased its stake in Semtech by 13.9% in the third quarter. Capital Research Global Investors now owns 4,691,676 shares of the semiconductor company’s stock valued at $335,220,000 after purchasing an additional 571,372 shares in the last quarter. State Street Corp increased its stake in Semtech by 1.5% in the second quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company’s stock valued at $182,235,000 after purchasing an additional 60,788 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Semtech by 8.7% during the third quarter. Alliancebernstein L.P. now owns 3,607,697 shares of the semiconductor company’s stock worth $257,770,000 after acquiring an additional 289,313 shares in the last quarter.

Insider Activity at Semtech

In other Semtech news, Director Martin Burvill sold 2,500 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $88.98, for a total transaction of $222,450.00. Following the completion of the sale, the director owned 4,409 shares of the company’s stock, valued at $392,312.82. This represents a 36.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 9,186 shares of the stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of $75.05, for a total transaction of $689,409.30. Following the sale, the chief financial officer directly owned 32,710 shares of the company’s stock, valued at $2,454,885.50. The trade was a 21.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 46,384 shares of company stock worth $3,920,140 in the last 90 days. Corporate insiders own 0.48% of the company’s stock.

Semtech Price Performance

Shares of NASDAQ:SMTC opened at $121.50 on Friday. The company’s fifty day moving average price is $90.10 and its 200-day moving average price is $80.82. The firm has a market capitalization of $11.31 billion, a price-to-earnings ratio of -276.14 and a beta of 2.22. Semtech Corporation has a one year low of $34.16 and a one year high of $127.19. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.37 and a quick ratio of 1.66.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The firm had revenue of $274.40 million for the quarter, compared to analyst estimates of $273.14 million. During the same quarter in the prior year, the firm earned $0.40 EPS. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, equities research analysts anticipate that Semtech Corporation will post 1.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SMTC has been the subject of several recent research reports. Craig Hallum boosted their target price on shares of Semtech from $80.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. TD Cowen reiterated a “buy” rating on shares of Semtech in a research note on Tuesday, February 24th. Weiss Ratings cut shares of Semtech from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, March 24th. Susquehanna upped their price target on shares of Semtech from $90.00 to $100.00 and gave the company a “positive” rating in a research note on Monday, March 9th. Finally, Benchmark upped their price target on shares of Semtech from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Fourteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $95.71.

About Semtech

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.