In a recent development, Intech Investment Management LLC significantly upped its stake in Semtech Co. (NASDAQ: SMTC), according to their latest filing with the Securities and Exchange Commission. During the third quarter, they increased their holdings by a whopping 128.3%, adding 17,150 shares to bring their total to 30,521 shares. By the end of this reporting period, their stake in the semiconductor company was valued at an impressive $1,394,000.
Intech isn’t the only player making moves; several institutional investors and hedge funds have also been actively trading Semtech shares. For instance, Disciplined Growth Investors Inc. MN drastically expanded its stake by 343.3% in the second quarter, now holding 2,494,985 shares valued at $74,550,000. Meanwhile, Driehaus Capital Management LLC marked its entry into the game with a fresh investment of approximately $43,395,000 during the same timeframe. Millennium Management LLC also made a notable increase of 26.6%, establishing a hold on 3,646,449 shares worth $108,956,000. Additionally, Clearline Capital LP significantly boosted its position by 143.1%, owning 899,021 shares by the end of the quarter, and Fred Alger Management LLC jumped on board with a new acquisition worth $14,307,000.
Semtech shares kicked off Wednesday trading at $63.11, reflecting an 18.1% rise. With a market cap of $4.75 billion, the company shows intriguing numbers—a price-to-earnings ratio of -4.66 and a beta of 1.54. Semtech has experienced a tumultuous year, with its stock ranging from a low of $15.63 to a high of $66.64. Currently, its 50-day moving average sits at $45.83, while the 200-day figure is $38.96.
On the financial front, Semtech released its latest quarterly earnings on November 25th. The company’s earnings per share (EPS) came in at $0.26, slightly surpassing the anticipated $0.23. Despite a negative net margin of 107.21% and a return on equity of -154.99%, the revenue reported was $236.80 million, ahead of analysts’ expectations of $232.89 million. Compared to last year’s same period, revenue rose by 17.9%. Analysts predict that for the current fiscal year, Semtech will record an EPS of -0.07.
Several research firms have issued updates on SMTC recently. Northland Securities upgraded its price target from $46.00 to $60.00, rating it as “outperform.” Similarly, Craig Hallum increased their target from $48.00 to $70.00, labeling it a “buy.” Roth MKM, Stifel Nicolaus, and Benchmark have all followed suit, raising their price targets and giving it strong “buy” recommendations. Overall, three analysts advise holding while ten recommend buying, giving Semtech an average rating of “Moderate Buy” and an average target price of $67.70 according to MarketBeat.com.
Semtech Corporation specializes in the design, development, manufacturing, and marketing of analog and mixed-signal semiconductors. Their product lines include signal integrity tools such as optical data communications and video transport products, crucial in various infrastructure and industrial settings. Additionally, they provide integrated circuits for data centers, enterprise networks, and high-speed interface applications, as well as video and video-over-IP technology for broadcasting and professional audio-video applications.
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