Public Sector Pension Investment Board Buys 17,100 Shares of Semtech Co. (NASDAQ:SMTC)

Public Sector Pension Investment Board raised its stake in Semtech Co. (NASDAQ:SMTC) by 12.0% in the third quarter, Holdings Channel reports. The firm owned 159,160 shares of the semiconductor company’s stock after acquiring an additional 17,100 shares during the quarter. Public Sector Pension Investment Board’s holdings in Semtech were worth $7,267,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Mutual of America Capital Management LLC grew its stake in shares of Semtech by 6.3% in the third quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock valued at $515,000 after buying an additional 673 shares in the last quarter. Intech Investment Management LLC raised its position in Semtech by 128.3% during the third quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock worth $1,394,000 after acquiring an additional 17,150 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Semtech in the second quarter valued at $13,239,000. Natixis Advisors LLC grew its position in shares of Semtech by 100.2% in the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock valued at $1,626,000 after acquiring an additional 17,823 shares during the period. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Semtech by 135.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock worth $1,943,000 after purchasing an additional 24,517 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SMTC. Susquehanna raised their target price on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Piper Sandler reaffirmed an “overweight” rating and issued a $75.00 price objective (up from $60.00) on shares of Semtech in a research report on Tuesday. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Northland Securities raised their price target on Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Craig Hallum lifted their price objective on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Semtech has a consensus rating of “Moderate Buy” and an average price target of $67.70.

Semtech Stock Performance

SMTC stock opened at $64.04 on Friday. Semtech Co. has a 52 week low of $15.63 and a 52 week high of $66.64. The company has a market capitalization of $4.82 billion, a PE ratio of -4.83 and a beta of 1.54. The company’s 50-day simple moving average is $47.00 and its 200 day simple moving average is $39.47.

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, topping analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. During the same quarter in the prior year, the business posted $0.02 EPS. The business’s revenue was up 17.9% compared to the same quarter last year. On average, 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.