Semtech Co. (NASDAQ:SMTC) Shares Sold by Connors Investor Services Inc.

Connors Investor Services Inc. decreased its position in Semtech Co. (NASDAQ:SMTC) by 36.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 72,631 shares of the semiconductor company’s stock after selling 41,047 shares during the period. Connors Investor Services Inc.’s holdings in Semtech were worth $2,170,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SMTC. Fidelis Capital Partners LLC acquired a new stake in Semtech in the 1st quarter valued at about $27,000. Ridgewood Investments LLC purchased a new stake in shares of Semtech in the second quarter valued at about $44,000. GAMMA Investing LLC grew 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 valued at $47,000 after purchasing an additional 773 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Semtech by 205.0% during the 1st quarter. Versant Capital Management Inc now owns 1,873 shares of the semiconductor company’s stock worth $51,000 after purchasing an additional 1,259 shares in the last quarter. Finally, Cape Investment Advisory Inc. acquired a new position in shares of Semtech during the 4th quarter worth approximately $63,000.

Semtech Stock Performance

Semtech stock opened at $40.06 on Tuesday. The company has a market cap of $3.01 billion, a price-to-earnings ratio of -2.37 and a beta of 1.54. Semtech Co. has a 1 year low of $13.13 and a 1 year high of $46.86. The firm has a 50 day moving average price of $35.51 and a 200 day moving average price of $33.37.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $215.40 million during the quarter, compared to the consensus estimate of $212.30 million. During the same period in the prior year, the firm posted ($0.06) EPS. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. Sell-side analysts predict that Semtech Co. will post -0.07 EPS for the current year.

Analyst Ratings Changes

SMTC has been the topic of a number of analyst reports. B. Riley increased their target price on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Stifel Nicolaus increased their price objective on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Benchmark reissued a “buy” rating and issued a $56.00 target price on shares of Semtech in a research note on Monday, September 9th. Piper Sandler restated an “overweight” rating and issued a $60.00 target price (up from $40.00) on shares of Semtech in a report on Wednesday, May 29th. Finally, Summit Insights downgraded shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.