Connor Clark & Lunn Investment Management Ltd. Sells 144,062 Shares of Semtech Co. (NASDAQ:SMTC)

Connor Clark & Lunn Investment Management Ltd. cut its stake in Semtech Co. (NASDAQ:SMTC) by 83.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,265 shares of the semiconductor company’s stock after selling 144,062 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Semtech were worth $1,336,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Semtech by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock worth $232,522,000 after purchasing an additional 131,133 shares during the last quarter. Millennium Management LLC increased its stake 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 valued at $108,956,000 after buying an additional 765,877 shares during the period. Disciplined Growth Investors Inc. MN raised its position in shares of Semtech by 343.3% during the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after acquiring an additional 1,932,116 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Semtech during the second quarter valued at $43,395,000. Finally, Clearline Capital LP boosted its holdings in Semtech by 143.1% in the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock valued at $26,863,000 after acquiring an additional 529,194 shares during the last quarter.

Wall Street Analysts Forecast Growth

SMTC has been the subject of several recent research reports. Craig Hallum boosted their price objective on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Northland Securities boosted their price target on shares of Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday. Benchmark raised their price objective on shares of Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 target price (up previously from $60.00) on shares of Semtech in a report on Tuesday. Finally, Roth Mkm increased their price target on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday. Three 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 currently has an average rating of “Moderate Buy” and an average price target of $67.70.

Semtech Trading Up 18.1 %

NASDAQ:SMTC opened at $63.11 on Wednesday. Semtech Co. has a 1 year low of $15.63 and a 1 year high of $66.64. The stock has a 50-day moving average price of $45.83 and a two-hundred day moving average price of $38.96. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of -4.66 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. Semtech’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.02 EPS. Sell-side 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.