Semtech (NASDAQ:SMTC) Trading 4.5% Higher – Here’s What Happened

Shares of Semtech Co. (NASDAQ:SMTC) rose 4.5% during trading on Tuesday . The company traded as high as $48.03 and last traded at $47.90. Approximately 181,414 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 1,804,093 shares. The stock had previously closed at $45.84.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SMTC. B. Riley upped their price objective on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Benchmark reiterated a “buy” rating and set a $56.00 price target on shares of Semtech in a research report on Monday, October 7th. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Semtech in a report on Wednesday, August 28th. Finally, Stifel Nicolaus upped their price objective on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $52.60.

Semtech Stock Performance

The company has a 50 day moving average of $44.84 and a 200 day moving average of $38.58. The firm has a market cap of $3.55 billion, a P/E ratio of -3.52 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last posted its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $215.40 million during the quarter, compared to the consensus estimate of $212.30 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) earnings per share. As a group, analysts expect that Semtech Co. will post -0.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Semtech

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMTC. Disciplined Growth Investors Inc. MN boosted its holdings in shares of Semtech by 343.3% during 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 buying an additional 1,932,116 shares during the period. Driehaus Capital Management LLC bought a new position in shares of Semtech in the second quarter worth about $43,395,000. Millennium Management LLC lifted its position in shares of Semtech by 26.6% during the 2nd 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. Whale Rock Capital Management LLC bought a new stake in Semtech during the 3rd quarter valued at approximately $32,126,000. Finally, 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 valued at $26,863,000 after buying an additional 529,194 shares during the last quarter.

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.