4,734 Shares in Semtech Co. (NASDAQ:SMTC) Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc acquired a new stake in Semtech Co. (NASDAQ:SMTC) during the third quarter, according to its most recent filing with the SEC. The firm acquired 4,734 shares of the semiconductor company’s stock, valued at approximately $216,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Huntington National Bank boosted its holdings in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the last quarter. Ridgewood Investments LLC bought a new position in shares of Semtech in the 2nd quarter valued at about $44,000. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech during the 2nd quarter worth approximately $60,000. NBC Securities Inc. raised its stake in shares of Semtech by 115.8% during the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after buying an additional 739 shares during the last quarter. Finally, Quarry LP acquired a new position in Semtech in the second quarter valued at approximately $63,000.

Analyst Ratings Changes

Several brokerages have commented on SMTC. Stifel Nicolaus upped their target price on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Susquehanna increased their target price on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday. B. Riley boosted their target price on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating 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 research report on Wednesday, August 28th. Finally, Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Semtech currently has an average rating of “Moderate Buy” and a consensus target price of $53.10.

Semtech Stock Performance

Shares of SMTC opened at $50.89 on Friday. The firm’s 50 day moving average price is $45.56 and its two-hundred day moving average price is $38.88. Semtech Co. has a twelve month low of $15.53 and a twelve month high of $53.22. The firm has a market cap of $3.83 billion, a P/E ratio of -3.76 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last released 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. The firm had revenue of $215.40 million during the quarter, compared to analysts’ expectations of $212.30 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The company’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.06) EPS. On average, sell-side analysts anticipate that Semtech Co. will post -0.07 earnings per share for the current fiscal 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.