11,368 Shares in Semtech Co. (NASDAQ:SMTC) Acquired by Truist Financial Corp

Truist Financial Corp purchased a new position in shares of Semtech Co. (NASDAQ:SMTC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,368 shares of the semiconductor company’s stock, valued at approximately $340,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SMTC. Vanguard Group Inc. raised its position in Semtech by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock valued at $232,522,000 after purchasing an additional 131,133 shares during the last quarter. Seven Eight Capital LP raised its holdings in shares of Semtech by 259.4% in the first quarter. Seven Eight Capital LP now owns 51,573 shares of the semiconductor company’s stock valued at $1,418,000 after buying an additional 37,224 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Semtech by 19.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,217,670 shares of the semiconductor company’s stock worth $26,679,000 after buying an additional 197,595 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Semtech in the 1st quarter valued at about $610,000. Finally, Janney Montgomery Scott LLC acquired a new position in Semtech in the 1st quarter valued at about $1,189,000.

Semtech Trading Down 0.2 %

SMTC stock opened at $43.88 on Friday. The firm has a 50 day moving average of $41.34 and a 200-day moving average of $36.64. The company has a market cap of $2.84 billion, a price-to-earnings ratio of -2.59 and a beta of 1.54. Semtech Co. has a 12-month low of $13.13 and a 12-month high of $49.53.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $212.30 million. During the same period in the previous year, the firm posted ($0.06) earnings per share. Semtech’s revenue was down 9.6% on a year-over-year basis. Sell-side analysts forecast that Semtech Co. will post -0.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SMTC has been the topic of several analyst reports. B. Riley lifted their target price on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Stifel Nicolaus boosted their price objective on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Needham & Company LLC restated a “buy” rating and set a $50.00 price objective on shares of Semtech in a research report on Wednesday, August 28th. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 target price on shares of Semtech in a report on Wednesday, August 28th. Finally, Benchmark reissued a “buy” rating and set a $56.00 price target on shares of Semtech in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.60.

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.