Semtech Co. (NASDAQ:SMTC) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its holdings in Semtech Co. (NASDAQ:SMTC) by 3.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 441,904 shares of the semiconductor company’s stock after selling 15,385 shares during the quarter. New York State Common Retirement Fund’s holdings in Semtech were worth $20,177,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Disciplined Growth Investors Inc. MN raised its stake 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 last quarter. Driehaus Capital Management LLC acquired a new position in shares of Semtech during the 2nd quarter worth $43,395,000. Millennium Management LLC raised its stake 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 buying an additional 765,877 shares during the last quarter. Clearline Capital LP raised its stake in shares of Semtech by 143.1% during the 2nd quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after buying an additional 529,194 shares during the last quarter. Finally, Fred Alger Management LLC purchased a new stake in Semtech during the 2nd quarter worth about $14,307,000.

Wall Street Analyst Weigh In

A number of research firms recently commented on SMTC. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Semtech in a research report on Wednesday, August 28th. Benchmark reiterated a “buy” rating and set a $56.00 price objective on shares of Semtech in a research report on Monday, October 7th. B. Riley lifted their price objective on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Roth Mkm reiterated a “buy” rating and set a $50.00 price objective on shares of Semtech in a research report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.60.

Semtech Stock Performance

Shares of NASDAQ:SMTC opened at $43.92 on Tuesday. Semtech Co. has a 1 year low of $13.65 and a 1 year high of $49.53. The stock has a market capitalization of $3.30 billion, a P/E ratio of -3.24 and a beta of 1.54. The stock has a 50-day simple moving average of $43.36 and a 200-day simple moving average of $37.56.

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

Semtech 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.