Semtech Co. (NASDAQ:SMTC) Shares Sold by West Tower Group LLC

West Tower Group LLC lessened its position in shares of Semtech Co. (NASDAQ:SMTC) by 70.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,800 shares of the semiconductor company’s stock after selling 4,200 shares during the period. West Tower Group LLC’s holdings in Semtech were worth $82,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SMTC. Vanguard Group Inc. grew its position in Semtech by 1.6% during the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock valued at $232,522,000 after buying an additional 131,133 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Semtech by 5.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 77,580 shares of the semiconductor company’s stock valued at $2,134,000 after buying an additional 4,347 shares during the period. Mount Yale Investment Advisors LLC purchased a new position in Semtech during the first quarter valued at $311,000. SG Capital Management LLC purchased a new position in Semtech during the first quarter valued at $7,084,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in Semtech by 23.0% during the second quarter. Harbor Capital Advisors Inc. now owns 18,043 shares of the semiconductor company’s stock valued at $539,000 after purchasing an additional 3,370 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Benchmark reaffirmed a “buy” rating and set a $56.00 price objective on shares of Semtech in a report on Monday, October 7th. Roth Mkm raised their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target on shares of Semtech in a research note on Wednesday, August 28th. Susquehanna raised their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Finally, B. Riley raised their price target on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.10.

Semtech Price Performance

Shares of SMTC stock opened at $53.44 on Tuesday. The firm’s 50-day moving average is $45.83 and its two-hundred day moving average is $38.96. Semtech Co. has a 12 month low of $15.63 and a 12 month high of $53.74. The company has a market capitalization of $4.02 billion, a PE ratio of -3.94 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative net margin of 107.21% and a negative return on equity of 154.99%. The company had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. During the same period in the previous year, the firm earned $0.02 earnings per share. Semtech’s quarterly revenue was up 17.9% compared to the same quarter last year. Sell-side analysts forecast 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.