Fred Alger Management LLC Purchases 191,347 Shares of Semtech Co. (NASDAQ:SMTC)

Fred Alger Management LLC grew its position in Semtech Co. (NASDAQ:SMTC) by 40.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 670,173 shares of the semiconductor company’s stock after buying an additional 191,347 shares during the period. Fred Alger Management LLC owned 0.89% of Semtech worth $30,600,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SMTC. Mutual of America Capital Management LLC grew its position in shares of Semtech by 6.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock worth $515,000 after buying an additional 673 shares during the period. Intech Investment Management LLC grew its holdings in Semtech by 128.3% during the 3rd quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock worth $1,394,000 after acquiring an additional 17,150 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Semtech during the 2nd quarter valued at $13,239,000. Natixis Advisors LLC lifted its stake in shares of Semtech by 100.2% in the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock valued at $1,626,000 after purchasing an additional 17,823 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Semtech by 135.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock worth $1,943,000 after purchasing an additional 24,517 shares during the last quarter.

Wall Street Analyst Weigh In

SMTC has been the subject of a number of analyst reports. Piper Sandler restated an “overweight” rating and set a $75.00 price objective (up previously from $60.00) on shares of Semtech in a report on Tuesday. Craig Hallum upped their price objective on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday. Northland Securities lifted their target price on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday. Stifel Nicolaus increased their price target on Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Susquehanna lifted their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Three 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.70.

Semtech Trading Down 0.2 %

Shares of SMTC stock opened at $64.04 on Friday. The firm’s fifty day moving average price is $47.00 and its two-hundred day moving average price is $39.47. Semtech Co. has a 1 year low of $15.63 and a 1 year high of $66.64. The firm has a market capitalization of $4.82 billion, a P/E ratio of -4.91 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last released its earnings results 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 for the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. Semtech’s revenue was up 17.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.02 earnings per share. As a group, equities research analysts forecast that Semtech Co. will post -0.07 EPS 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.