Oppenheimer Asset Management Inc. Decreases Stock Position in Semtech Corporation (NASDAQ:SMTC)

Oppenheimer Asset Management Inc. lessened its holdings in Semtech Corporation (NASDAQ:SMTC) by 71.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,506 shares of the semiconductor company’s stock after selling 21,107 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Semtech were worth $293,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Assenagon Asset Management S.A. increased its holdings in Semtech by 1,205.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 471,966 shares of the semiconductor company’s stock worth $16,236,000 after buying an additional 435,814 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Semtech by 19.8% in the 1st quarter. Handelsbanken Fonder AB now owns 25,988 shares of the semiconductor company’s stock valued at $894,000 after acquiring an additional 4,300 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Semtech by 188.8% in the first quarter. Harbor Capital Advisors Inc. now owns 266,836 shares of the semiconductor company’s stock worth $9,179,000 after acquiring an additional 174,441 shares during the period. NBC Securities Inc. raised its holdings in shares of Semtech by 104,700.0% during the first quarter. NBC Securities Inc. now owns 1,048 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 1,047 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Semtech by 3.5% during the first quarter. Rhumbline Advisers now owns 212,584 shares of the semiconductor company’s stock worth $7,313,000 after purchasing an additional 7,221 shares during the last quarter.

Semtech Stock Up 0.5%

Shares of Semtech stock opened at $45.14 on Tuesday. The business has a 50-day moving average price of $37.74 and a 200 day moving average price of $44.31. Semtech Corporation has a fifty-two week low of $24.05 and a fifty-two week high of $79.52. The firm has a market cap of $3.91 billion, a P/E ratio of -21.91 and a beta of 1.88. The company has a quick ratio of 1.81, a current ratio of 2.53 and a debt-to-equity ratio of 0.95.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Tuesday, May 27th. The semiconductor company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.10. The business had revenue of $251.10 million for the quarter, compared to analysts’ expectations of $249.79 million. Semtech had a positive return on equity of 19.66% and a negative net margin of 12.52%. The business’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 EPS. On average, sell-side analysts forecast that Semtech Corporation will post -0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Benchmark reaffirmed a “buy” rating and set a $68.00 target price on shares of Semtech in a report on Wednesday, May 28th. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Semtech in a research report on Wednesday, May 28th. Stifel Nicolaus raised their price objective on shares of Semtech from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Craig Hallum decreased their target price on shares of Semtech from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, March 14th. Finally, UBS Group lowered their price target on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.58.

Insider Transactions at Semtech

In other Semtech news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $42.98, for a total value of $85,960.00. Following the transaction, the chief operating officer owned 105,996 shares in the company, valued at approximately $4,555,708.08. The trade was a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.60% of the company’s stock.

Semtech 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.