Burkehill Global Management LP Takes $18.56 Million Position in Semtech Co. (NASDAQ:SMTC)

Burkehill Global Management LP purchased a new position in shares of Semtech Co. (NASDAQ:SMTC) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 300,000 shares of the semiconductor company’s stock, valued at approximately $18,555,000. Semtech makes up approximately 1.8% of Burkehill Global Management LP’s holdings, making the stock its 19th largest position.

A number of other hedge funds have also recently added to or reduced their stakes in SMTC. Huntington National Bank lifted its stake in shares of Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares during the period. GAMMA Investing LLC increased its holdings in Semtech by 15.3% in the fourth quarter. GAMMA Investing LLC now owns 3,166 shares of the semiconductor company’s stock valued at $196,000 after purchasing an additional 421 shares during the last quarter. Hollencrest Capital Management acquired a new position in Semtech in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC boosted its holdings in Semtech by 190.6% during the fourth 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 last quarter. Finally, Pacer Advisors Inc. grew 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 worth $109,000 after buying an additional 598 shares during the period.

Semtech Stock Performance

Shares of SMTC opened at $33.85 on Thursday. The stock has a fifty day moving average of $52.84 and a 200-day moving average of $51.25. Semtech Co. has a 52 week low of $21.56 and a 52 week high of $79.52. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -2.59, a PEG ratio of 2.12 and a beta of 1.69.

Insider Activity

In related news, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares of the company’s stock, valued at $403,155. The trade was a 48.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Imran Sherazi sold 1,338 shares of Semtech stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $75.00, for a total transaction of $100,350.00. Following the transaction, the senior vice president now directly owns 14 shares in the company, valued at approximately $1,050. This represents a 98.96 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,637 shares of company stock valued at $1,472,726. 0.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on SMTC. Stifel Nicolaus set a $60.00 target price on shares of Semtech in a research note on Monday. B. Riley increased their price target on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Benchmark lifted their price objective on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Susquehanna increased their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Finally, Roth Mkm raised their target price on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Semtech presently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

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.