Citigroup Inc. Acquires 32,454 Shares of Semtech Co. (NASDAQ:SMTC)

Citigroup Inc. boosted its stake in Semtech Co. (NASDAQ:SMTC) by 50.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 97,401 shares of the semiconductor company’s stock after acquiring an additional 32,454 shares during the period. Citigroup Inc. owned 0.13% of Semtech worth $4,447,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SMTC. Huntington National Bank grew its stake in shares of Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after buying an additional 302 shares during the last quarter. Ridgewood Investments LLC bought a new position in shares of Semtech during the second quarter valued at $44,000. Canada Pension Plan Investment Board purchased a new position in shares of Semtech in the 2nd quarter worth about $60,000. NBC Securities Inc. raised its position in shares of Semtech by 115.8% in the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the last quarter. Finally, Quarry LP bought a new position in Semtech in the 2nd quarter worth about $63,000.

Semtech Stock Down 2.1 %

NASDAQ:SMTC opened at $62.68 on Tuesday. The company has a market cap of $4.72 billion, a price-to-earnings ratio of -4.91 and a beta of 1.54. Semtech Co. has a 52 week low of $16.19 and a 52 week high of $66.64. The company has a fifty day simple moving average of $47.37 and a two-hundred day simple moving average of $39.65.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The firm’s revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 earnings per share. On average, analysts expect that Semtech Co. will post -0.02 EPS for the current year.

Analyst Upgrades and Downgrades

SMTC has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $70.00 price target (up from $50.00) on shares of Semtech in a research note on Tuesday, November 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 target price (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Roth Mkm raised their price target on Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Northland Securities upped their price objective on Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.70.

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.