New York State Common Retirement Fund Sells 77,073 Shares of Semtech Co. (NASDAQ:SMTC)

New York State Common Retirement Fund decreased its holdings in Semtech Co. (NASDAQ:SMTC) by 17.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 364,831 shares of the semiconductor company’s stock after selling 77,073 shares during the period. New York State Common Retirement Fund owned approximately 0.48% of Semtech worth $22,565,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Mutual of America Capital Management LLC grew its position in Semtech by 6.3% in the third quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock valued at $515,000 after acquiring an additional 673 shares during the last quarter. Moody National Bank Trust Division grew its holdings in shares of Semtech by 148.6% during the 4th quarter. Moody National Bank Trust Division now owns 20,568 shares of the semiconductor company’s stock valued at $1,272,000 after purchasing an additional 12,296 shares during the last quarter. Intech Investment Management LLC increased its position in Semtech by 128.3% during the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock worth $1,394,000 after purchasing an additional 17,150 shares in the last quarter. Stephens Inc. AR bought a new position in Semtech in the 4th quarter valued at approximately $889,000. Finally, Natixis Advisors LLC boosted its position in Semtech by 100.2% in the third quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock valued at $1,626,000 after buying an additional 17,823 shares in the last quarter.

Semtech Price Performance

SMTC stock opened at $37.10 on Friday. The company’s 50-day moving average is $60.30 and its 200-day moving average is $50.95. The stock has a market capitalization of $2.81 billion, a PE ratio of -2.84, a price-to-earnings-growth ratio of 2.07 and a beta of 1.64. Semtech Co. has a 1 year low of $19.76 and a 1 year high of $79.52.

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

Insider Activity at Semtech

In other news, COO Asaf Silberstein sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total value of $140,000.00. Following the transaction, the chief operating officer now owns 76,417 shares in the company, valued at $5,349,190. The trade was a 2.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Lin sold 2,990 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $59.45, for a total value of $177,755.50. Following the completion of the transaction, the chief financial officer now directly owns 5,446 shares of the company’s stock, valued at approximately $323,764.70. This represents a 35.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,747 shares of company stock valued at $1,095,061 over the last 90 days. Insiders own 0.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SMTC shares. Benchmark upped their price target on shares of Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Robert W. Baird lowered their target price on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Roth Mkm lifted their price target on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Piper Sandler reaffirmed an “overweight” rating and issued a $55.00 price objective (down previously from $75.00) on shares of Semtech in a research note on Monday, February 10th. Finally, Northland Securities raised their target price on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.91.

Semtech 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.