Intech Investment Management LLC Acquires 17,150 Shares of Semtech Co. (NASDAQ:SMTC)

Intech Investment Management LLC grew its holdings in Semtech Co. (NASDAQ:SMTC) by 128.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,521 shares of the semiconductor company’s stock after buying an additional 17,150 shares during the quarter. Intech Investment Management LLC’s holdings in Semtech were worth $1,394,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Huntington National Bank raised its position in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 302 shares in the last quarter. NBC Securities Inc. grew its stake 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 valued at $62,000 after purchasing an additional 739 shares during the period. Ridgewood Investments LLC acquired a new position in shares of Semtech in the 2nd quarter worth approximately $44,000. International Assets Investment Management LLC lifted its position in shares of Semtech by 4,464.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock worth $77,000 after buying an additional 1,652 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in Semtech in the 2nd quarter valued at $60,000.

Semtech Stock Up 18.1 %

Shares of SMTC opened at $63.11 on Wednesday. The stock’s fifty day simple moving average is $45.83 and its 200-day simple moving average is $38.96. The firm has a market capitalization of $4.75 billion, a PE ratio of -4.66 and a beta of 1.54. Semtech Co. has a 12-month low of $15.63 and a 12-month high of $66.64.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 107.21% and a negative return on equity of 154.99%. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS. Analysts anticipate that Semtech Co. will post -0.07 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Craig Hallum lifted their price objective on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. Benchmark boosted their price target on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday. Roth Mkm lifted 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. Susquehanna increased their price target on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Semtech in a research report on Tuesday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, 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.