Semtech Co. (NASDAQ:SMTC - Get Free Report)'s share price was down 3.4% during mid-day trading on Friday . The company traded as low as $41.94 and last traded at $42.45. Approximately 521,439 shares changed hands during trading, a decline of 72% from the average daily volume of 1,885,844 shares. The stock had previously closed at $43.96.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on SMTC. Needham & Company LLC reaffirmed a "buy" rating and issued a $50.00 target price on shares of Semtech in a research report on Wednesday, August 28th. B. Riley upped their target price on shares of Semtech from $58.00 to $61.00 and gave the stock a "buy" rating in a research report on Wednesday, August 28th. Roth Mkm reaffirmed a "buy" rating and issued a $50.00 target price on shares of Semtech in a research report on Wednesday, August 28th. Stifel Nicolaus upped their target price on shares of Semtech from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, August 28th. Finally, Summit Insights downgraded shares of Semtech from a "buy" rating to a "hold" rating in a research report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.60.
Read Our Latest Stock Report on Semtech
Semtech Stock Performance
The company has a market capitalization of $2.84 billion, a PE ratio of -2.59 and a beta of 1.54. The company's 50-day moving average is $41.34 and its 200 day moving average is $36.64.
Semtech (NASDAQ:SMTC - Get Free Report) last posted its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $215.40 million for the quarter, compared to analysts' expectations of $212.30 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The business's revenue for the quarter was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.06) EPS. On average, analysts forecast that Semtech Co. will post -0.07 EPS for the current fiscal year.
Hedge Funds Weigh In On Semtech
Several hedge funds and other institutional investors have recently bought and sold shares of SMTC. Vanguard Group Inc. lifted its stake in shares of Semtech by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company's stock worth $232,522,000 after purchasing an additional 131,133 shares during the period. Millennium Management LLC lifted its stake in shares of Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company's stock worth $108,956,000 after purchasing an additional 765,877 shares during the period. Disciplined Growth Investors Inc. MN lifted its stake in shares of Semtech by 343.3% in 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 purchasing an additional 1,932,116 shares during the period. Kodai Capital Management LP lifted its stake in shares of Semtech by 2.7% in the 1st quarter. Kodai Capital Management LP now owns 2,039,837 shares of the semiconductor company's stock worth $56,075,000 after purchasing an additional 54,267 shares during the period. Finally, Driehaus Capital Management LLC bought a new position in shares of Semtech in the 2nd quarter worth approximately $43,395,000.
About Semtech
(
Get Free Report)
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.
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