Connor Clark & Lunn Investment Management Ltd. Sells 144,062 Shares of Semtech Co. (NASDAQ:SMTC)

Connor Clark & Lunn Investment Management Ltd. decreased its position in Semtech Co. (NASDAQ:SMTC) by 83.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 29,265 shares of the semiconductor company’s stock after selling 144,062 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Semtech were worth $1,336,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SMTC. Disciplined Growth Investors Inc. MN raised its holdings in shares of Semtech by 343.3% in the second 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 last quarter. Driehaus Capital Management LLC bought a new position in Semtech in the second quarter valued at $43,395,000. Millennium Management LLC increased its stake in Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after buying an additional 765,877 shares during the last quarter. Clearline Capital LP increased its stake in Semtech by 143.1% in the 2nd quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock valued at $26,863,000 after buying an additional 529,194 shares during the last quarter. Finally, Fred Alger Management LLC bought a new stake in Semtech during the 2nd quarter worth about $14,307,000.

Semtech Stock Performance

NASDAQ SMTC opened at $63.11 on Wednesday. The stock has a market cap of $4.75 billion, a PE ratio of -4.66 and a beta of 1.54. The firm has a 50-day moving average of $45.83 and a 200-day moving average of $38.96. Semtech Co. has a 52-week low of $15.63 and a 52-week high of $66.64.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The business’s revenue was up 17.9% on a year-over-year basis. As a group, analysts predict that Semtech Co. will post -0.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SMTC. Roth Mkm lifted their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Benchmark raised their price target on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday. B. Riley upped their price objective on Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler reissued an “overweight” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Semtech in a report on Tuesday. Finally, Susquehanna boosted their target price on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech 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.