Principal Financial Group Inc. Boosts Stake in Semtech Co. (NASDAQ:SMTC)

Principal Financial Group Inc. boosted its stake in Semtech Co. (NASDAQ:SMTCGet Rating) by 4.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 283,471 shares of the semiconductor company’s stock after acquiring an additional 13,072 shares during the period. Principal Financial Group Inc.’s holdings in Semtech were worth $15,582,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in Semtech by 77.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 834,381 shares of the semiconductor company’s stock valued at $57,856,000 after acquiring an additional 364,497 shares during the last quarter. BlackRock Inc. raised its holdings in Semtech by 3.7% in the 1st quarter. BlackRock Inc. now owns 7,160,578 shares of the semiconductor company’s stock valued at $496,515,000 after acquiring an additional 257,224 shares during the last quarter. Kornitzer Capital Management Inc. KS acquired a new position in Semtech in the 2nd quarter valued at $13,256,000. Renaissance Technologies LLC raised its holdings in Semtech by 236.9% in the 1st quarter. Renaissance Technologies LLC now owns 333,916 shares of the semiconductor company’s stock valued at $23,154,000 after acquiring an additional 234,800 shares during the last quarter. Finally, Woodline Partners LP raised its holdings in Semtech by 102.1% in the 1st quarter. Woodline Partners LP now owns 441,477 shares of the semiconductor company’s stock valued at $30,612,000 after acquiring an additional 223,030 shares during the last quarter. Hedge funds and other institutional investors own 97.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Susquehanna Bancshares cut their price target on Semtech to $56.00 in a report on Monday, August 29th. Piper Sandler dropped their price objective on Semtech from $95.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, September 1st. Cowen downgraded Semtech from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $65.00 to $43.00 in a report on Thursday, September 1st. Stifel Nicolaus dropped their price objective on Semtech from $45.00 to $40.00 in a report on Tuesday. Finally, Robert W. Baird dropped their price objective on Semtech from $90.00 to $48.00 and set an “outperform” rating for the company in a report on Thursday, September 1st. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Semtech currently has a consensus rating of “Hold” and a consensus price target of $58.83.

Semtech Stock Up 2.7 %

Shares of NASDAQ SMTC opened at $30.41 on Thursday. Semtech Co. has a 12-month low of $25.29 and a 12-month high of $92.15. The company has a market cap of $1.93 billion, a P/E ratio of 12.36, a P/E/G ratio of 0.88 and a beta of 1.64. The company has a current ratio of 4.12, a quick ratio of 3.35 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average price of $28.72 and a 200 day moving average price of $45.15.

Semtech (NASDAQ:SMTCGet Rating) last announced its quarterly earnings results on Wednesday, August 31st. The semiconductor company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.03. Semtech had a return on equity of 21.18% and a net margin of 19.94%. The firm had revenue of $209.25 million during the quarter, compared to the consensus estimate of $208.29 million. During the same period in the prior year, the firm earned $0.51 EPS. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. Research analysts anticipate that Semtech Co. will post 2.18 EPS for the current fiscal year.

About Semtech

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Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.

See Also

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Institutional Ownership by Quarter for Semtech (NASDAQ:SMTC)

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