Edgestream Partners L.P. Sells 2,926 Shares of Semtech Co. (NASDAQ:SMTC)

Edgestream Partners L.P. trimmed its stake in Semtech Co. (NASDAQ:SMTC) by 5.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,955 shares of the semiconductor company’s stock after selling 2,926 shares during the period. Edgestream Partners L.P.’s holdings in Semtech were worth $2,327,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in SMTC. 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. NBC Securities Inc. raised its stake 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 buying an additional 739 shares in the last quarter. Ridgewood Investments LLC purchased a new position in shares of Semtech in the 2nd quarter valued at approximately $44,000. International Assets Investment Management LLC boosted its holdings in shares of Semtech by 4,464.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after buying an additional 1,652 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Semtech in the second quarter worth about $60,000.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Roth Mkm lifted their price objective on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Northland Securities raised their target price on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, November 26th. Craig Hallum increased their price objective 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. Needham & Company LLC reissued a “buy” rating and set a $70.00 target price (up previously from $50.00) on shares of Semtech in a research note on Tuesday, November 26th. Finally, Benchmark lifted their price target on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Semtech presently has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Price Performance

Shares of SMTC stock opened at $62.68 on Tuesday. Semtech Co. has a 1-year low of $16.19 and a 1-year high of $66.64. The company has a 50-day moving average of $47.37 and a two-hundred day moving average of $39.65. The firm has a market cap of $4.72 billion, a PE ratio of -4.80 and a beta of 1.54.

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