Edgestream Partners L.P. Trims Stake in Semtech Co. (NASDAQ:SMTC)

Edgestream Partners L.P. reduced its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 5.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 50,955 shares of the semiconductor company’s stock after selling 2,926 shares during the period. Edgestream Partners L.P. owned approximately 0.07% of Semtech worth $2,327,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Huntington National Bank lifted its position in shares of Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the period. Ridgewood Investments LLC purchased a new stake in Semtech in the 2nd quarter valued at about $44,000. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech during the 2nd quarter worth $60,000. NBC Securities Inc. raised its holdings in shares of Semtech by 115.8% in the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the period. Finally, Quarry LP acquired a new position in Semtech during the second quarter valued at approximately $63,000.

Analyst Ratings Changes

Several research analysts have recently weighed in on SMTC shares. Roth Mkm upped their target price on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Northland Securities lifted their price objective on shares of Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price target (up previously from $50.00) on shares of Semtech in a report on Tuesday, November 26th. B. Riley raised their price target on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Stifel Nicolaus increased their target price on shares of Semtech from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $67.70.

Semtech Stock Performance

SMTC stock opened at $62.68 on Tuesday. Semtech Co. has a 52 week low of $16.19 and a 52 week high of $66.64. The company’s 50-day simple moving average is $47.37 and its 200 day simple moving average is $39.65. The company has a market capitalization of $4.72 billion, a PE ratio of -4.80 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The firm’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.02 EPS. On average, analysts forecast that Semtech Co. will post -0.02 EPS for the current year.

Semtech Company 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.