Semtech (NASDAQ:SMTC) Stock Price Down 2.7%

Semtech Co. (NASDAQ:SMTC)’s share price was down 2.7% on Monday . The company traded as low as $34.83 and last traded at $34.92. Approximately 132,480 shares changed hands during trading, a decline of 93% from the average daily volume of 1,912,812 shares. The stock had previously closed at $35.90.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SMTC shares. B. Riley increased their target price on shares of Semtech from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Needham & Company LLC reissued a “buy” rating and set a $50.00 target price on shares of Semtech in a research report on Monday, July 15th. Piper Sandler restated an “overweight” rating and set a $60.00 price target (up from $40.00) on shares of Semtech in a research note on Wednesday, May 29th. Stifel Nicolaus upped their price target on shares of Semtech from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, Susquehanna upped their price target on shares of Semtech from $45.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, June 6th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.90.

Semtech Stock Performance

The company’s 50-day moving average price is $31.65 and its two-hundred day moving average price is $30.45. The stock has a market cap of $2.28 billion, a PE ratio of -2.12 and a beta of 1.55.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings data on Wednesday, June 5th. The semiconductor company reported ($0.17) earnings per share for the quarter, meeting the consensus estimate of ($0.17). The firm had revenue of $206.11 million for the quarter, compared to analysts’ expectations of $200.16 million. Semtech had a negative net margin of 129.52% and a negative return on equity of 154.99%. Equities research analysts forecast that Semtech Co. will post -0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP bought a new position in shares of Semtech during the 2nd quarter valued at $63,000. Creative Planning grew its holdings in shares of Semtech by 3.4% during the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock valued at $538,000 after purchasing an additional 588 shares during the last quarter. Disciplined Growth Investors Inc. MN grew its holdings in Semtech by 343.3% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after acquiring an additional 1,932,116 shares during the last quarter. Clearline Capital LP grew its holdings in Semtech by 143.1% in the 2nd quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after acquiring an additional 529,194 shares during the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in Semtech in the 2nd quarter worth $43,395,000.

About Semtech

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.