ProShare Advisors LLC Sells 2,643 Shares of Semtech Co. (NASDAQ:SMTC)

ProShare Advisors LLC lessened its holdings in Semtech Co. (NASDAQ:SMTC) by 20.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 10,259 shares of the semiconductor company’s stock after selling 2,643 shares during the period. ProShare Advisors LLC’s holdings in Semtech were worth $307,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fidelis Capital Partners LLC bought a new position in shares of Semtech in the first quarter worth about $27,000. Ridgewood Investments LLC purchased a new position in shares of Semtech during the second quarter worth approximately $44,000. GAMMA Investing LLC raised its stake in shares of Semtech by 83.9% during the first quarter. GAMMA Investing LLC now owns 1,694 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 773 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Semtech by 205.0% in the first quarter. Versant Capital Management Inc now owns 1,873 shares of the semiconductor company’s stock valued at $51,000 after purchasing an additional 1,259 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in Semtech in the second quarter worth approximately $60,000.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SMTC. Benchmark reaffirmed a “buy” rating and set a $56.00 target price on shares of Semtech in a research report on Monday, September 9th. B. Riley lifted their price objective on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Susquehanna increased their target price on shares of Semtech from $45.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, June 6th. Stifel Nicolaus boosted their price target on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Finally, Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and an average target price of $52.60.

Semtech Stock Down 1.2 %

NASDAQ:SMTC opened at $40.58 on Friday. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of -2.40 and a beta of 1.54. Semtech Co. has a 52 week low of $13.13 and a 52 week high of $49.53. The firm has a 50 day moving average of $38.16 and a 200 day moving average of $35.18.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The firm had revenue of $215.40 million during the quarter, compared to analyst estimates of $212.30 million. During the same quarter in the prior year, the business posted ($0.06) EPS. The business’s revenue for the quarter was down 9.6% compared to the same quarter last year. As a group, analysts expect that Semtech Co. will post -0.07 EPS for the current year.

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.