Pitcairn Co. Acquires Shares of Semtech Co. (NASDAQ: SMTC)

Pitcairn Co. has recently made a notable investment by acquiring shares of Semtech Co. (NASDAQ: SMTC) in the third quarter of the year. According to its latest filing with the Securities and Exchange Commission, the fund purchased 10,493 shares, which are valued at around $479,000.

Investment Trends in Semtech

In addition to Pitcairn Co., several other institutional investors have also adjusted their positions in Semtech. For instance, Huntington National Bank increased its holdings in the semiconductor company by 105.2% during the third quarter. This brought their total ownership to 589 shares, valued at $27,000, following the acquisition of 302 additional shares. Similarly, the Arizona State Retirement System raised its stake in Semtech by 2.3% during the second quarter, now owning 18,074 shares worth $540,000 after purchasing 407 shares.

Other significant investors include Hanseatic Management Services Inc., which boosted its stake in Semtech by 3.2% to own 14,406 shares, valued at $658,000 after buying 447 additional shares. Nisa Investment Advisors LLC increased its holdings by 6.9% in the second quarter, now holding 7,159 shares worth $214,000 after acquiring 461 more shares. Likewise, Creative Planning raised its position by 3.4% during the same period, now owning 18,018 shares valued at $538,000 after purchasing an extra 588 shares.

Analyst Insights on Semtech

Recently, various analysts have shared their projections regarding Semtech. Susquehanna adjusted its price target for Semtech shares from $55.00 to $60.00, assigning the company a "positive" rating in a report released on November 21. Meanwhile, Roth MKM increased their target from $50.00 to $60.00 and issued a "buy" rating. Benchmark raised its price objective from $56.00 to $82.00 with a "buy" rating, while Craig Hallum increased its target from $48.00 to $70.00, also rating the company as a "buy." Additionally, Piper Sandler reaffirmed an "overweight" rating and set a target price of $75.00, up from $60.00. Overall, analysts have given Semtech a consensus rating of "Moderate Buy" and a target price of $67.70, according to MarketBeat.com.

Semtech's Recent Performance

Shares of Semtech (SMTC) experienced an increase of 18.1% recently, opening at $63.11. The company boasts a market capitalization of $4.75 billion and has a price-to-earnings (P/E) ratio of -4.66, alongside a beta of 1.54. Semtech's stock reached a 12-month low of $15.63 and a high of $66.64. Its 50-day moving average stands at $45.83, while its 200-day moving average is $38.96.

Semtech announced its earnings results on November 25, revealing earnings per share (EPS) of $0.26, surpassing analysts' expectations of $0.23. The company's revenue for the quarter reached $236.80 million, exceeding the estimated $232.89 million. Semtech's revenue was up 17.9% year-over-year, compared to $0.02 EPS from the same quarter last year. Research analysts estimate that Semtech will report an EPS of -0.07 for the current fiscal year.

About Semtech Corporation

Semtech Corporation specializes in designing, developing, manufacturing, and marketing analog and mixed-signal semiconductors, along with advanced algorithms. The company offers various products, including signal integrity tools that encompass optical data communications and video transport solutions used in multiple industrial applications. Semtech also provides integrated circuits utilized in data centers, enterprise networks, passive optical networks, wireless base stations, and high-speed interface applications.

Final Thoughts

Investors and analysts alike continue to monitor Semtech's performance closely, especially as the company positions itself in the growing sectors of IoT and smart cities. The increasing interest from institutional investors signals confidence in Semtech's future prospects.

investment, Semtech, stocks