Millrace Asset Group Inc. Makes New $2.39 Million Investment in Semtech Co. (NASDAQ:SMTC)

Millrace Asset Group Inc. bought a new stake in shares of Semtech Co. (NASDAQ:SMTC) during the third quarter, HoldingsChannel reports. The firm bought 52,405 shares of the semiconductor company’s stock, valued at approximately $2,393,000. Semtech makes up approximately 2.4% of Millrace Asset Group Inc.’s holdings, making the stock its 7th largest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SMTC. Vanguard Group Inc. increased its position in Semtech by 1.6% during the 1st 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 in the last quarter. Millennium Management LLC raised its position in shares of Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after purchasing an additional 765,877 shares during the last quarter. Disciplined Growth Investors Inc. MN boosted its stake in Semtech by 343.3% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after purchasing an additional 1,932,116 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in Semtech during the 2nd quarter valued at about $43,395,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Semtech by 10.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,057,880 shares of the semiconductor company’s stock worth $48,303,000 after buying an additional 100,410 shares during the last quarter.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several analyst reports. B. Riley raised their price target 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. Susquehanna increased their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Northland Securities increased their price objective on shares of Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Stifel Nicolaus increased their price target on Semtech from $58.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $62.70.

Semtech Price Performance

SMTC opened at $53.44 on Tuesday. The firm has a market cap of $4.02 billion, a P/E ratio of -3.94 and a beta of 1.54. Semtech Co. has a 1-year low of $15.63 and a 1-year high of $53.74. The company has a 50 day simple moving average of $45.83 and a two-hundred day simple moving average of $38.96.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The business 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 business earned $0.02 earnings per share. The business’s revenue was up 17.9% on a year-over-year basis. Equities analysts anticipate 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.