West Tower Group LLC Sells 4,200 Shares of Semtech Co. (NASDAQ:SMTC)

West Tower Group LLC trimmed its position in shares of Semtech Co. (NASDAQ:SMTC) by 70.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Huntington National Bank grew its holdings in Semtech by 105.2% during the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares during the last quarter. NBC Securities Inc. lifted its position in shares of Semtech by 115.8% in the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the period. Ridgewood Investments LLC purchased a new stake in shares of Semtech in the 2nd quarter worth approximately $44,000. International Assets Investment Management LLC lifted its position in shares of Semtech by 4,464.9% in the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock worth $77,000 after purchasing an additional 1,652 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Semtech in the 2nd quarter worth approximately $60,000.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SMTC shares. Roth Mkm upped their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target on shares of Semtech in a research report on Wednesday, August 28th. B. Riley increased 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. Finally, Susquehanna increased their target price on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.10.

Semtech Trading Up 5.0 %

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

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping 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 net margin of 107.21% and a negative return on equity of 154.99%. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 earnings per share. On average, sell-side analysts predict that Semtech Co. will post -0.07 EPS 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.