Semtech (NASDAQ:SMTC) Shares Up 3.8% – Here’s What Happened

Shares of Semtech Co. (NASDAQ:SMTC) rose 3.8% during mid-day trading on Monday . The stock traded as high as $43.42 and last traded at $43.28. Approximately 635,970 shares were traded during trading, a decline of 67% from the average daily volume of 1,903,851 shares. The stock had previously closed at $41.68.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Roth Mkm reissued a “buy” rating and issued a $50.00 price target on shares of Semtech in a report on Wednesday, August 28th. Benchmark reiterated a “buy” rating and issued a $56.00 price objective on shares of Semtech in a report on Monday. B. Riley upped their price objective on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of Semtech in a research note on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $52.60.

Semtech Stock Up 2.1 %

The firm has a market capitalization of $2.75 billion, a PE ratio of -2.46 and a beta of 1.54. The firm’s 50 day moving average price is $38.61 and its two-hundred day moving average price is $35.53.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The firm had revenue of $215.40 million for the quarter, compared to analysts’ expectations of $212.30 million. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. Semtech’s revenue for the quarter was down 9.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Semtech Co. will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

Several institutional investors have recently bought and sold shares of SMTC. Fidelis Capital Partners LLC acquired a new position in Semtech in the first quarter worth $27,000. Ridgewood Investments LLC acquired a new stake in shares of Semtech in the second quarter valued at approximately $44,000. GAMMA Investing LLC increased its position in shares of Semtech by 83.9% in the first quarter. GAMMA Investing LLC now owns 1,694 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 773 shares during the period. Versant Capital Management Inc raised its position in shares of Semtech by 205.0% in the 1st quarter. Versant Capital Management Inc now owns 1,873 shares of the semiconductor company’s stock valued at $51,000 after buying an additional 1,259 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Semtech in the 2nd quarter valued at approximately $60,000.

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.