State Street Corp Trims Holdings in Semtech Co. (NASDAQ:SMTC)

State Street Corp reduced its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 10.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,663,352 shares of the semiconductor company’s stock after selling 432,344 shares during the quarter. State Street Corp owned 4.87% of Semtech worth $167,269,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SMTC. Millennium Management LLC lifted its stake in Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after purchasing an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Semtech by 343.3% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after purchasing an additional 1,932,116 shares during the last quarter. Driehaus Capital Management LLC bought a new position in Semtech during the second quarter worth $43,395,000. Charles Schwab Investment Management Inc. lifted its stake in Semtech by 10.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock worth $48,303,000 after purchasing an additional 100,410 shares during the last quarter. Finally, Clearline Capital LP lifted its stake in Semtech by 143.1% during the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after purchasing an additional 529,194 shares during the last quarter.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler restated an “overweight” rating and set a $75.00 price objective (up from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. B. Riley increased their target price on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Benchmark increased their target price on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Finally, Needham & Company LLC increased their target price on Semtech from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $68.70.

Semtech Stock Performance

Shares of SMTC opened at $65.15 on Friday. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of -4.99 and a beta of 1.65. Semtech Co. has a one year low of $18.16 and a one year high of $70.27. The stock’s fifty day moving average is $51.48 and its 200-day moving average is $41.40.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS 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 analyst estimates of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the company earned $0.02 earnings per share. Analysts forecast that Semtech Co. will post -0.01 EPS for the current fiscal year.

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.