Semtech (NASDAQ:SMTC) Trading 4.5% Higher – What’s Next?

Semtech Co. (NASDAQ:SMTC)’s share price traded up 4.5% during trading on Tuesday . The company traded as high as $48.03 and last traded at $47.90. 181,414 shares were traded during mid-day trading, a decline of 90% from the average session volume of 1,804,093 shares. The stock had previously closed at $45.84.

Wall Street Analysts Forecast Growth

SMTC has been the subject of a number of recent research reports. B. Riley increased their price target on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Roth Mkm reaffirmed a “buy” rating and set a $50.00 price objective on shares of Semtech in a research note on Wednesday, August 28th. Benchmark reiterated a “buy” rating and issued a $56.00 target price on shares of Semtech in a research note on Monday, October 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Semtech in a report on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Semtech has an average rating of “Moderate Buy” and an average target price of $52.60.

Semtech Price Performance

The company’s 50 day moving average is $44.84 and its 200 day moving average is $38.58. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of -3.52 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $215.40 million during the quarter, compared to analysts’ expectations of $212.30 million. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The company’s revenue was down 9.6% on a year-over-year basis. During the same period last year, the company posted ($0.06) EPS. Sell-side analysts predict that Semtech Co. will post -0.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank grew its holdings in Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Semtech by 2.3% during the second quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock worth $540,000 after purchasing an additional 407 shares during the last quarter. Hanseatic Management Services Inc. grew its stake in Semtech by 3.2% in the third quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock worth $658,000 after purchasing an additional 447 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Semtech by 6.9% in the second quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock worth $214,000 after purchasing an additional 461 shares in the last quarter. Finally, Creative Planning increased its holdings in Semtech by 3.4% in the second quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock valued at $538,000 after buying an additional 588 shares during the last quarter.

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.