Victory Capital Management Inc. Has $37.63 Million Stock Position in Semtech Co. (NASDAQ:SMTC)

Victory Capital Management Inc. lifted its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 130.7% during the third quarter, Holdings Channel.com reports. The firm owned 824,198 shares of the semiconductor company’s stock after acquiring an additional 466,868 shares during the quarter. Victory Capital Management Inc.’s holdings in Semtech were worth $37,633,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Disciplined Growth Investors Inc. MN increased its position in Semtech by 343.3% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock valued at $74,550,000 after purchasing an additional 1,932,116 shares during the period. Driehaus Capital Management LLC bought a new stake in shares of Semtech in the 2nd quarter valued at $43,395,000. Millennium Management LLC increased its position in shares of Semtech by 26.6% during the second quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after buying an additional 765,877 shares during the period. Clearline Capital LP raised its stake in Semtech by 143.1% during the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after buying an additional 529,194 shares during the last quarter. Finally, Fred Alger Management LLC acquired a new position in Semtech in the second quarter valued at $14,307,000.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SMTC shares. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of Semtech in a report on Wednesday, August 28th. Stifel Nicolaus lifted their target price on Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. B. Riley increased their price target on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Finally, Benchmark reissued a “buy” rating and set a $56.00 target price on shares of Semtech in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Semtech presently has an average rating of “Moderate Buy” and a consensus price target of $52.60.

Semtech Price Performance

NASDAQ:SMTC opened at $44.10 on Friday. Semtech Co. has a one year low of $15.05 and a one year high of $53.22. The company has a market cap of $3.32 billion, a PE ratio of -3.25 and a beta of 1.54. The firm has a 50-day moving average of $44.72 and a 200-day moving average of $38.53.

Semtech (NASDAQ:SMTC) last posted its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, beating 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 company had revenue of $215.40 million for the quarter, compared to analyst estimates of $212.30 million. During the same quarter last year, the company earned ($0.06) earnings per share. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. On average, equities research analysts expect that Semtech Co. will post -0.07 earnings per share for the current fiscal year.

Semtech Company Profile

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.