Dark Forest Capital Management LP Increases Stock Position in Semtech Co. (NASDAQ:SMTC)

Dark Forest Capital Management LP boosted its stake in Semtech Co. (NASDAQ:SMTC) by 142.8% during the 2nd quarter, Holdings Channel reports. The firm owned 20,844 shares of the semiconductor company’s stock after buying an additional 12,259 shares during the quarter. Dark Forest Capital Management LP’s holdings in Semtech were worth $623,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SMTC. Kodai Capital Management LP purchased a new stake in Semtech in the 4th quarter worth $43,504,000. Fred Alger Management LLC purchased a new stake in Semtech in the 2nd quarter worth $14,307,000. Assenagon Asset Management S.A. purchased a new stake in Semtech in the 2nd quarter worth $13,239,000. SG Americas Securities LLC lifted its stake in Semtech by 5,613.9% in the 1st quarter. SG Americas Securities LLC now owns 426,886 shares of the semiconductor company’s stock worth $11,735,000 after purchasing an additional 419,415 shares in the last quarter. Finally, SG Capital Management LLC purchased a new stake in Semtech in the 1st quarter worth $7,084,000.

Semtech Price Performance

Shares of SMTC stock opened at $47.40 on Friday. The company has a market capitalization of $3.57 billion, a P/E ratio of -2.80 and a beta of 1.54. The company’s 50-day simple moving average is $37.26 and its two-hundred day simple moving average is $34.51. Semtech Co. has a one year low of $13.13 and a one year high of $49.53.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $215.40 million during the quarter, compared to analyst estimates of $212.30 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. Semtech’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.06) earnings per share. On average, research analysts expect that Semtech Co. will post -0.07 EPS for the current fiscal year.

Analyst Ratings Changes

SMTC has been the topic of several recent research reports. Northland Securities upped their target price on shares of Semtech from $36.50 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, June 6th. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Susquehanna upped their target price on shares of Semtech from $45.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, June 6th. Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Semtech in a research report on Wednesday, August 28th. Finally, B. Riley upped their target price on shares of Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research 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’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.