Semtech Co. (NASDAQ:SMTC) Shares Sold by State Street Corp

State Street Corp decreased its holdings in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 10.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,663,352 shares of the semiconductor company's stock after selling 432,344 shares during the quarter. State Street Corp owned about 4.87% of Semtech worth $167,269,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Huntington National Bank boosted its holdings in Semtech by 105.2% during the 3rd 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 period. Ridgewood Investments LLC bought a new position in Semtech in the second quarter worth approximately $44,000. Canada Pension Plan Investment Board purchased a new stake in Semtech during the second quarter worth $60,000. NBC Securities Inc. boosted its position in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company's stock valued at $62,000 after acquiring an additional 739 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Semtech in the 2nd quarter valued at $63,000.

Semtech Trading Up 0.9 %

Shares of SMTC stock traded up $0.61 during mid-day trading on Friday, reaching $65.15. The stock had a trading volume of 2,039,799 shares, compared to its average volume of 1,875,330. Semtech Co. has a 1-year low of $18.16 and a 1-year high of $70.27. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of -4.99 and a beta of 1.65. The business's fifty day moving average is $51.48 and its 200-day moving average is $41.40.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings results 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. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. During the same quarter in the prior year, the company earned $0.02 EPS. Semtech's quarterly revenue was up 17.9% on a year-over-year basis. On average, analysts forecast that Semtech Co. will post -0.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SMTC has been the topic of a number of recent research reports. Piper Sandler reaffirmed an "overweight" rating and set a $75.00 price objective (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Susquehanna raised their target price on shares of Semtech from $55.00 to $60.00 and gave the company a "positive" rating in a research note on Thursday, November 21st. Craig Hallum upped their price target on Semtech from $48.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Roth Mkm increased their price objective on Semtech from $50.00 to $60.00 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Stifel Nicolaus boosted their target price on Semtech from $58.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $68.70.

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.