New York State Teachers Retirement System Cuts Stock Position in Semtech Co. (NASDAQ:SMTC)

New York State Teachers Retirement System cut its stake in shares of Semtech Co. (NASDAQ:SMTC) by 5.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 79,221 shares of the semiconductor company’s stock after selling 4,400 shares during the period. New York State Teachers Retirement System’s holdings in Semtech were worth $3,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SMTC. Fidelis Capital Partners LLC acquired a new stake in shares of Semtech in the 1st quarter worth $27,000. Ridgewood Investments LLC purchased a new position in Semtech during the second quarter worth about $44,000. Canada Pension Plan Investment Board acquired a new stake in Semtech in the second quarter valued at about $60,000. NBC Securities Inc. boosted its holdings in 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 in the last quarter. Finally, Quarry LP acquired a new position in Semtech during the 2nd quarter worth approximately $63,000.

Analyst Ratings Changes

SMTC has been the subject of several recent analyst reports. Stifel Nicolaus raised their price target on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Roth Mkm restated a “buy” rating and set a $50.00 target price on shares of Semtech in a research report on Wednesday, August 28th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Semtech in a report on Wednesday, August 28th. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Benchmark restated a “buy” rating and set a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.60.

Semtech Price Performance

Shares of SMTC opened at $47.74 on Thursday. Semtech Co. has a 1-year low of $13.65 and a 1-year high of $49.85. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of -3.52 and a beta of 1.54. The firm has a 50 day simple moving average of $43.68 and a 200-day simple moving average of $37.76.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $215.40 million during the quarter, compared to the consensus estimate of $212.30 million. During the same quarter last year, the business posted ($0.06) earnings per share. Semtech’s revenue was down 9.6% compared to the same quarter last year. On average, equities analysts expect that Semtech Co. will post -0.07 earnings per share for the current fiscal year.

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.