Pitcairn Co. Purchases Shares of 10,493 Semtech Co. (NASDAQ:SMTC)

Pitcairn Co. acquired a new position in shares of Semtech Co. (NASDAQ:SMTC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,493 shares of the semiconductor company’s stock, valued at approximately $479,000.

A number of other large investors have also recently made changes to their positions in the stock. Huntington National Bank lifted its position in Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 302 shares during the period. Arizona State Retirement System lifted its holdings in shares of Semtech by 2.3% during the second quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock worth $540,000 after purchasing an additional 407 shares during the period. Hanseatic Management Services Inc. boosted its position in Semtech by 3.2% in the third quarter. Hanseatic Management Services Inc. now owns 14,406 shares of the semiconductor company’s stock valued at $658,000 after buying an additional 447 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Semtech by 6.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,159 shares of the semiconductor company’s stock worth $214,000 after buying an additional 461 shares during the period. Finally, Creative Planning raised its position in Semtech by 3.4% during the 2nd quarter. Creative Planning now owns 18,018 shares of the semiconductor company’s stock worth $538,000 after buying an additional 588 shares during the last quarter.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Susquehanna upped their price objective on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Roth Mkm upped their price target on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday. Benchmark lifted their price objective on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday. Craig Hallum boosted their price objective on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price (up from $60.00) on shares of Semtech in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.70.

Semtech Trading Up 18.1 %

Shares of SMTC stock opened at $63.11 on Wednesday. The company has a market capitalization of $4.75 billion, a P/E ratio of -4.66 and a beta of 1.54. Semtech Co. has a 12-month low of $15.63 and a 12-month high of $66.64. The business’s 50 day moving average is $45.83 and its two-hundred day moving average is $38.96.

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