Fred Alger Management LLC Acquires 191,347 Shares of Semtech Co. (NASDAQ:SMTC)

Fred Alger Management LLC raised its holdings in Semtech Co. (NASDAQ:SMTC) by 40.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 670,173 shares of the semiconductor company’s stock after purchasing an additional 191,347 shares during the quarter. Fred Alger Management LLC’s holdings in Semtech were worth $30,600,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in SMTC. Huntington National Bank raised its stake in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the period. Ridgewood Investments LLC bought a new position in shares of Semtech in the second quarter valued at about $44,000. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech during the 2nd quarter worth about $60,000. NBC Securities Inc. lifted its stake in shares of Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after buying an additional 739 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Semtech during the 2nd quarter worth about $63,000.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Susquehanna raised their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research report on Thursday, November 21st. Needham & Company LLC restated a “buy” rating and issued a $70.00 price target (up from $50.00) on shares of Semtech in a research note on Tuesday. Craig Hallum increased their price objective on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Roth Mkm boosted their target price on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Stifel Nicolaus raised their price target on shares of Semtech from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Semtech presently has an average rating of “Moderate Buy” and an average target price of $67.70.

Semtech Trading Down 0.2 %

Shares of Semtech stock opened at $64.04 on Friday. The company has a 50 day moving average of $47.00 and a 200-day moving average of $39.47. The company has a market cap of $4.82 billion, a PE ratio of -4.91 and a beta of 1.54. Semtech Co. has a 1-year low of $15.63 and a 1-year high of $66.64.

Semtech (NASDAQ:SMTC) last issued its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The firm had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. During the same quarter last year, the business posted $0.02 EPS. The company’s revenue was up 17.9% compared to the same quarter last year. Research analysts forecast that Semtech Co. will post -0.07 earnings per share for the current year.

Semtech Company Profile

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.