Accel Wealth Management Purchases Shares of 3,293 Semtech Co. (NASDAQ:SMTC)

Accel Wealth Management acquired a new position in shares of Semtech Co. (NASDAQ:SMTC) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 3,293 shares of the semiconductor company’s stock, valued at approximately $204,000.

Several other institutional investors have also recently added to or reduced their stakes in SMTC. Disciplined Growth Investors Inc. MN boosted its position in Semtech by 343.3% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock valued at $74,550,000 after buying an additional 1,932,116 shares during the period. Driehaus Capital Management LLC purchased a new stake in Semtech during the 2nd quarter worth about $43,395,000. Millennium Management LLC raised its position in Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after purchasing an additional 765,877 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in Semtech in the third quarter worth approximately $32,126,000. Finally, Clearline Capital LP lifted its position in shares of Semtech by 143.1% during the 2nd quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after purchasing an additional 529,194 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SMTC. UBS Group began coverage on Semtech in a report on Friday, January 17th. They issued a “buy” rating and a $85.00 price target for the company. Needham & Company LLC boosted their price target on shares of Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Benchmark raised their price objective on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Susquehanna upped their target price on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Finally, Stifel Nicolaus lifted their price target on Semtech from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Semtech has a consensus rating of “Moderate Buy” and a consensus target price of $71.09.

Semtech Stock Performance

Shares of Semtech stock opened at $73.02 on Friday. The company has a market cap of $5.53 billion, a P/E ratio of -5.60 and a beta of 1.65. The firm has a fifty day moving average of $64.42 and a two-hundred day moving average of $48.65. Semtech Co. has a one year low of $18.72 and a one year high of $79.52.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. During the same period last year, the firm earned $0.02 EPS. The company’s quarterly revenue was up 17.9% compared to the same quarter last year.

Insider Buying and Selling

In other Semtech news, SVP Imran Sherazi sold 1,338 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the sale, the senior vice president now owns 14 shares of the company’s stock, valued at $1,050. This represents a 98.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Lin sold 6,114 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the sale, the chief financial officer now owns 3,531 shares in the company, valued at $232,127.94. This represents a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,757 shares of company stock valued at $917,305. Corporate insiders own 0.60% of the company’s stock.

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.