Fisher Asset Management LLC Cuts Stock Position in Semtech Co. (NASDAQ:SMTC)

Fisher Asset Management LLC decreased its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,044,891 shares of the semiconductor company’s stock after selling 4,245 shares during the period. Fisher Asset Management LLC owned about 1.39% of Semtech worth $47,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pitcairn Co. acquired a new position in Semtech during the third quarter worth $479,000. Cerity Partners LLC acquired a new position in shares of Semtech during the 3rd quarter worth about $487,000. Citigroup Inc. lifted its stake in Semtech by 50.0% in the 3rd quarter. Citigroup Inc. now owns 97,401 shares of the semiconductor company’s stock valued at $4,447,000 after buying an additional 32,454 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Semtech by 10.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock valued at $48,303,000 after buying an additional 100,410 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Semtech by 128.3% in the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock worth $1,394,000 after buying an additional 17,150 shares during the last quarter.

Semtech Stock Performance

Shares of Semtech stock opened at $63.11 on Wednesday. The stock has a 50 day moving average of $45.83 and a 200 day moving average of $38.96. The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of -4.66 and a beta of 1.54. Semtech Co. has a fifty-two week low of $15.63 and a fifty-two week high of $66.64.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The firm had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. During the same period last year, the company earned $0.02 EPS. The company’s quarterly revenue was up 17.9% on a year-over-year basis. Analysts forecast that Semtech Co. will post -0.07 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SMTC shares. Roth Mkm raised their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Benchmark raised their price objective on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price (up previously from $60.00) on shares of Semtech in a report on Tuesday. Stifel Nicolaus raised their price target on shares of Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $70.00 price target (up from $50.00) on shares of Semtech in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $67.70.

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.