Polar Asset Management Partners Inc. Has $5.40 Million Stake in Semtech Co. (NASDAQ:SMTC)

Polar Asset Management Partners Inc. decreased its position in Semtech Co. (NASDAQ:SMTC - Free Report) by 70.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 118,200 shares of the semiconductor company's stock after selling 277,700 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.16% of Semtech worth $5,397,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SMTC. Millennium Management LLC lifted its position 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 purchasing an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its holdings in shares of 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 worth $74,550,000 after buying an additional 1,932,116 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Semtech in the second quarter valued at approximately $43,395,000. Charles Schwab Investment Management Inc. increased its position in Semtech by 10.5% during 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 during the period. Finally, Clearline Capital LP increased its position in Semtech by 143.1% during the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company's stock worth $26,863,000 after acquiring an additional 529,194 shares during the period.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Piper Sandler reiterated an "overweight" rating and issued a $75.00 target price (up previously from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Needham & Company LLC restated a "buy" rating and issued a $70.00 target price (up from $50.00) on shares of Semtech in a research note on Tuesday, November 26th. Summit Insights downgraded shares of Semtech from a "buy" rating to a "hold" rating in a research note on Wednesday, August 28th. Craig Hallum raised their price target on shares of Semtech from $48.00 to $70.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Finally, Northland Securities boosted their price target on Semtech from $46.00 to $60.00 and gave the company an "outperform" rating in a research note on Tuesday, November 26th. Three equities research 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.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.70.

Semtech Price Performance

Shares of NASDAQ:SMTC traded down $3.72 during midday trading on Thursday, reaching $65.38. The company's stock had a trading volume of 2,197,731 shares, compared to its average volume of 1,836,623. Semtech Co. has a fifty-two week low of $16.65 and a fifty-two week high of $70.27. The company has a market capitalization of $4.92 billion, a P/E ratio of -5.01 and a beta of 1.65. The business's fifty day simple moving average is $48.51 and its 200-day simple moving average is $40.20.

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 for the quarter, topping the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million during the quarter, compared to analysts' expectations of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. Semtech's revenue was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.02 EPS. On average, analysts forecast that Semtech Co. will post -0.02 earnings per share for the current fiscal year.

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.