Seven Eight Capital LP Cuts Stock Holdings in Semtech Co. (NASDAQ:SMTC)

Seven Eight Capital LP decreased its holdings in shares of Semtech Co. (NASDAQ:SMTC) by 39.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 44,355 shares of the semiconductor company’s stock after selling 29,116 shares during the period. Seven Eight Capital LP owned 0.07% of Semtech worth $1,071,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. increased its position in Semtech by 29.7% during the 1st quarter. BlackRock Inc. now owns 12,090,364 shares of the semiconductor company’s stock valued at $291,861,000 after purchasing an additional 2,769,314 shares during the period. Vanguard Group Inc. grew its position in shares of Semtech by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 6,576,015 shares of the semiconductor company’s stock worth $193,401,000 after buying an additional 151,730 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Semtech by 338.2% in the 4th quarter. JPMorgan Chase & Co. now owns 3,738,949 shares of the semiconductor company’s stock worth $107,270,000 after buying an additional 2,885,729 shares during the last quarter. State Street Corp grew its position in shares of Semtech by 18.0% in the 3rd quarter. State Street Corp now owns 2,972,853 shares of the semiconductor company’s stock worth $87,432,000 after buying an additional 453,726 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Semtech by 59.3% in the 4th quarter. Morgan Stanley now owns 1,924,955 shares of the semiconductor company’s stock worth $55,227,000 after buying an additional 716,294 shares during the last quarter.

Semtech Stock Performance

Shares of NASDAQ SMTC opened at $24.21 on Friday. The company has a current ratio of 2.14, a quick ratio of 1.46 and a debt-to-equity ratio of 1.82. Semtech Co. has a 12 month low of $17.82 and a 12 month high of $35.68. The company has a 50 day simple moving average of $26.66 and a two-hundred day simple moving average of $25.08. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -269.00 and a beta of 1.70.

Semtech (NASDAQ:SMTC) last posted its earnings results on Wednesday, June 7th. The semiconductor company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.10. Semtech had a negative net margin of 0.77% and a positive return on equity of 8.83%. The firm had revenue of $236.50 million during the quarter, compared to analysts’ expectations of $235.00 million. During the same period in the previous year, the business posted $0.67 EPS. The business’s revenue was up 17.0% compared to the same quarter last year. As a group, analysts predict that Semtech Co. will post -0.06 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SMTC shares. Craig Hallum started coverage on shares of Semtech in a research report on Wednesday, June 21st. They issued a “buy” rating on the stock. Susquehanna dropped their target price on shares of Semtech from $30.00 to $25.00 in a research report on Thursday, June 1st. StockNews.com assumed coverage on shares of Semtech in a research report on Thursday, August 17th. They set a “sell” rating on the stock. TheStreet raised shares of Semtech from a “d+” rating to a “c-” rating in a research report on Monday, July 31st. Finally, Needham & Company LLC raised shares of Semtech from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $38.50.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.