Driehaus Capital Management 13F: Cuts SMTC Stake by $49M

Driehaus Capital Management cut its holdings in Semtech Corporation (SMTC) by 32.5% during the first part of the year. According to its SEC filing on May 15, 2026, the investment firm sold 302,849 shares of the semiconductor specialist. This transaction left the fund with 628,456 shares, which were valued at $101.99 million at the end of the reporting period. The move is backward-looking and represents a major shift in how the fund allocates its capital to tech.

Driehaus Reshapes Its Semiconductor Holdings

Before the trim, Driehaus held 931,305 shares of Semtech. Trimming almost a third of its position shows the investment manager is locked in on profit taking or rebalancing. This wasn't the only move Driehaus made during the same filing cycle. Back in May, the fund also pared back its investments in biotech firms like Scholar Rock Holding Corporation and Kymera Therapeutics, while establishing a brand-new position in Tower Semiconductor.

Semtech Stock Performance

On Saturday, Semtech stock was priced at $162.30. That places the stock comfortably between its 52-week low of $57.50 and its 52-week high of $190.64. The company's 50-day moving average rests at $137.67, while its 200-day moving average sits at $112.30. With a market value of $16.55 billion, the company trades at a trailing price-to-earnings ratio of 116.69079 and a forward P/E of 30.394423.

Recent Earnings

In its financial performance, Semtech has demonstrated top-line expansion. The company reported annual revenue of $1.17 billion, reflecting a revenue growth rate of 32.7%. Semtech is profitable, posting a net margin of 13.12% and a return on equity of 23.66%. Its earnings per share came in at $1.52. The company is next scheduled to report its quarterly earnings on November 23, 2026.

Insider Buying and Selling at Semtech Corporation

Beyond institutional activity, corporate insiders and political figures have also adjusted their holdings. On June 24, 2026, insider Paul Walsh Jr. conducted a planned sale of 500 shares at an average price of $164.99, totaling $82,495. Additionally, Representative Gilbert Ray Cisneros Jr., a Democratic member of the House, disclosed a sale of Semtech stock valued between $1,001 and $15,000 on September 29, 2026.

Wall Street Weighs In on Semtech

Analyst sentiment remains highly optimistic. On October 13, 2026, BMO Capital maintained its Outperform rating, boosting its price target to $230.0 from a previous $155.0. Earlier on October 5, 2026, Stifel kept its Buy rating and raised its target to $220.0. Oppenheimer also updated its outlook on October 1, 2026, keeping an Outperform rating with a $225.0 target. Seaport Global initiated coverage on September 23, 2026, assigning a Buy rating and a $200.0 price target. Northland Capital Markets upgraded the stock to Outperform on August 27, 2026, setting a target of $182.0, while Baird maintained an Outperform rating on the same day with a $300.0 price target. Morgan Stanley held an Equal-Weight rating with a $195.0 target on August 26, 2026, and UBS maintained its Buy rating with a $230.0 target on that same day. Overall, 14 analysts cover the stock, with a strong buy consensus and a mean target price of $209.29.

What Semtech Does

Semtech Corporation designs and manufactures analog and mixed-signal semiconductors, IoT systems, and cloud connectivity services. Its products are vital components for data centers, wireless base stations, and smart industrial devices. As cloud computing and IoT infrastructure expand, Semtech's hardware sits at the center of these global tech trends, making it a key stock for growth-focused institutional investors like Driehaus.

Tracking the Tech Sector

Investors tracking Semtech will want to keep an eye on its upcoming earnings release on November 23, 2026. This quarterly report will provide a clearer picture of whether Semtech's top-line growth can sustain its valuation. Remember that Form 13F filings are delayed by up to 45 days after the end of a calendar quarter, so Driehaus's current portfolio allocation may have shifted since this report.