Oppenheimer Asset Management Inc. Raises Position in Semtech Co. (NASDAQ:SMTC)

Oppenheimer Asset Management Inc. grew its position in shares of Semtech Co. (NASDAQ:SMTC) by 27.7% during the third quarter, Holdings Channel reports. The fund owned 14,855 shares of the semiconductor company’s stock after purchasing an additional 3,222 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Semtech were worth $678,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SMTC. NBC Securities Inc. increased its stake in shares of Semtech by 115.8% in the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 739 shares in the last quarter. Ridgewood Investments LLC purchased a new stake in Semtech in the second quarter worth about $44,000. International Assets Investment Management LLC increased its stake in shares of Semtech by 4,464.9% during the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after purchasing an additional 1,652 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Semtech during the second quarter valued at approximately $60,000. Finally, Quarry LP bought a new stake in shares of Semtech in the 2nd quarter worth approximately $63,000.

Semtech Stock Up 3.1 %

Shares of NASDAQ SMTC opened at $47.24 on Wednesday. The firm’s 50-day moving average price is $45.00 and its 200-day moving average price is $38.64. Semtech Co. has a 52-week low of $15.05 and a 52-week high of $53.22. The company has a market cap of $3.55 billion, a PE ratio of -3.49 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, beating analysts’ consensus estimates of $0.10 by $0.01. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The company had revenue of $215.40 million for the quarter, compared to the consensus estimate of $212.30 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. The firm’s revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Semtech Co. will post -0.07 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SMTC shares. B. Riley raised their price objective on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report 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, October 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target on shares of Semtech in a research report on Wednesday, August 28th. Roth Mkm reiterated a “buy” rating and issued a $50.00 price target on shares of Semtech in a research note on Wednesday, August 28th. Finally, Summit Insights lowered shares of Semtech from a “buy” rating to a “hold” rating 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.