Semtech Co. (NASDAQ:SMTC) Shares Sold by Partnership Wealth Management LLC

Partnership Wealth Management LLC lowered its stake in Semtech Co. (NASDAQ:SMTC) by 87.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,993 shares of the semiconductor company’s stock after selling 13,420 shares during the quarter. Partnership Wealth Management LLC’s holdings in Semtech were worth $91,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Fidelis Capital Partners LLC acquired a new stake in Semtech in the first quarter valued at approximately $27,000. Ridgewood Investments LLC purchased a new position in shares of Semtech in the second quarter valued at $44,000. GAMMA Investing LLC grew its holdings in Semtech by 83.9% during the 1st 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 in the last quarter. Versant Capital Management Inc increased its stake in 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 buying an additional 1,259 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in Semtech in the 2nd quarter worth $60,000.

Semtech Price Performance

SMTC stock opened at $42.71 on Wednesday. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of -2.51 and a beta of 1.54. Semtech Co. has a 1-year low of $13.13 and a 1-year high of $49.53. The firm has a fifty day moving average price of $39.09 and a two-hundred day moving average price of $35.81.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $215.40 million during the quarter, compared to analyst estimates 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 quarterly revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) EPS. As a group, analysts expect that Semtech Co. will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SMTC shares. Stifel Nicolaus raised their target price on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Roth Mkm restated a “buy” rating and set a $50.00 price objective on shares of Semtech in a research note on Wednesday, August 28th. B. Riley upped their target price on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Benchmark reiterated a “buy” rating and set a $56.00 target price on shares of Semtech in a research note on Monday. Finally, Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Semtech in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Semtech has a consensus rating of “Moderate Buy” and an average price target of $52.60.

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.