Prudential Financial Inc. Has $7.97 Million Position in Semtech Co. (NASDAQ:SMTC)

Prudential Financial Inc. lifted its holdings in Semtech Co. (NASDAQ:SMTC) by 67.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 128,878 shares of the semiconductor company’s stock after buying an additional 51,825 shares during the period. Prudential Financial Inc.’s holdings in Semtech were worth $7,971,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Hollencrest Capital Management bought a new stake in Semtech in the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC grew its position in shares of Semtech by 190.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 770 shares of the semiconductor company’s stock worth $48,000 after buying an additional 505 shares during the period. AlphaQuest LLC increased its stake in shares of Semtech by 173.5% in the 4th quarter. AlphaQuest LLC now owns 1,217 shares of the semiconductor company’s stock valued at $75,000 after acquiring an additional 772 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Semtech in the 4th quarter valued at $91,000. Finally, Pacer Advisors Inc. lifted its position in shares of Semtech by 51.1% during the 4th quarter. Pacer Advisors Inc. now owns 1,768 shares of the semiconductor company’s stock valued at $109,000 after acquiring an additional 598 shares during the period.

Insider Activity at Semtech

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chief operating officer now owns 76,417 shares in the company, valued at $5,349,190. This represents a 2.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Lin sold 2,907 shares of Semtech stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the sale, the chief financial officer now owns 13,481 shares in the company, valued at $508,368.51. The trade was a 17.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,484 shares of company stock valued at $993,933. 0.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SMTC has been the subject of a number of research reports. Robert W. Baird reduced their price target on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Craig Hallum decreased their target price on Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, March 14th. UBS Group dropped their price target on Semtech from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Benchmark reduced their price objective on Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, Northland Securities upped 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 investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Semtech has an average rating of “Moderate Buy” and an average target price of $61.55.

Semtech Price Performance

SMTC opened at $35.05 on Friday. Semtech Co. has a 1 year low of $27.25 and a 1 year high of $79.52. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of -2.69, a P/E/G ratio of 2.12 and a beta of 1.69. The firm’s fifty day moving average price is $45.94 and its two-hundred day moving average price is $51.03.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Thursday, March 13th. The semiconductor company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.08. The firm had revenue of $251.00 million for the quarter, compared to analysts’ expectations of $249.40 million. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.06) earnings per share. As a group, equities analysts anticipate that Semtech Co. will post -0.02 EPS for the current year.

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.