Whale Rock Capital Management LLC Invests $32.13 Million in Semtech Co. (NASDAQ:SMTC)

Whale Rock Capital Management LLC purchased a new stake in Semtech Co. (NASDAQ:SMTC - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 703,600 shares of the semiconductor company's stock, valued at approximately $32,126,000. Whale Rock Capital Management LLC owned approximately 0.94% of Semtech as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in shares of Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company's stock valued at $108,956,000 after purchasing an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Semtech by 343.3% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company's stock valued at $74,550,000 after buying an additional 1,932,116 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Semtech in the second quarter worth about $43,395,000. Charles Schwab Investment Management Inc. increased its position in shares of Semtech by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company's stock worth $48,303,000 after acquiring an additional 100,410 shares in the last quarter. Finally, Clearline Capital LP raised its holdings in shares of Semtech by 143.1% during the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company's stock valued at $26,863,000 after acquiring an additional 529,194 shares during the period.

Semtech Trading Up 1.8 %

Semtech stock traded up $1.18 during trading hours on Friday, reaching $66.56. 5,394,274 shares of the company were exchanged, compared to its average volume of 1,850,817. Semtech Co. has a 12 month low of $18.03 and a 12 month high of $70.27. The stock has a 50-day moving average of $48.87 and a 200 day moving average of $40.38. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of -5.09 and a beta of 1.65.

Semtech (NASDAQ:SMTC - Get Free Report) last posted its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. Semtech's quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 EPS. As a group, research analysts forecast that Semtech Co. will post -0.02 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SMTC. Susquehanna lifted their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a "positive" rating in a research report on Thursday, November 21st. Stifel Nicolaus lifted their price target on Semtech from $58.00 to $65.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Piper Sandler reissued an "overweight" rating and issued a $75.00 price objective (up from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Roth Mkm raised their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, Summit Insights lowered shares of Semtech from a "buy" rating to a "hold" rating in a research note on Wednesday, August 28th. Three research 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 company presently has a consensus rating of "Moderate Buy" and an average target price of $67.70.

About Semtech

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.