Two Sigma Advisers LP Sells 653,110 Shares of Semtech Co. (NASDAQ:SMTC)

Two Sigma Advisers LP cut its position in shares of Semtech Co. (NASDAQ:SMTC - Free Report) by 59.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 444,390 shares of the semiconductor company's stock after selling 653,110 shares during the quarter. Two Sigma Advisers LP owned about 0.59% of Semtech worth $20,291,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

SMTC has been the subject of several recent analyst reports. Craig Hallum lifted 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. Benchmark lifted their target price on shares of Semtech from $56.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Needham & Company LLC reiterated a "buy" rating and issued a $70.00 target price (up previously from $50.00) on shares of Semtech in a research note on Tuesday, November 26th. Piper Sandler reissued an "overweight" rating and set a $75.00 price target (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Finally, Susquehanna upped their price objective on Semtech from $55.00 to $60.00 and gave the company a "positive" rating in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.70.

Semtech Stock Performance

Shares of SMTC traded down $1.18 during trading hours on Monday, hitting $64.94. The stock had a trading volume of 5,414,453 shares, compared to its average volume of 1,873,283. Semtech Co. has a 12 month low of $18.16 and a 12 month high of $70.27. The stock has a fifty day moving average price of $49.27 and a 200 day moving average price of $40.56.

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