Fintel reports that on September 14, 2023, Benchmark downgraded their outlook for Semtech (NASDAQ:SMTC) from Buy to Hold.

Analyst Price Forecast Suggests 73.94% Upside

As of August 31, 2023, the average one-year price target for Semtech is 39.78. The forecasts range from a low of 28.28 to a high of $58.80. The average price target represents an increase of 73.94% from its latest reported closing price of 22.87.

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The projected annual revenue for Semtech is 672MM, a decrease of 18.02%. The projected annual non-GAAP EPS is 2.31.

What is the Fund Sentiment?

There are 540 funds or institutions reporting positions in Semtech. This is a decrease of 91 owner(s) or 14.42% in the last quarter. Average portfolio weight of all funds dedicated to SMTC is 0.22%, an increase of 42.56%. Total shares owned by institutions increased in the last three months by 3.46% to 81,645K shares. The put/call ratio of SMTC is 3.08, indicating a bearish outlook.

What are Other Shareholders Doing?

IJR – iShares Core S&P Small-Cap ETF holds 4,488K shares representing 7.02% ownership of the company. In it’s prior filing, the firm reported owning 4,650K shares, representing a decrease of 3.62%. The firm decreased its portfolio allocation in SMTC by 1.43% over the last quarter.

Capital Research Global Investors holds 4,003K shares representing 6.26% ownership of the company. In it’s prior filing, the firm reported owning 317K shares, representing an increase of 92.09%. The firm increased its portfolio allocation in SMTC by 1,151.63% over the last quarter.

SMCWX – SMALLCAP WORLD FUND INC holds 3,641K shares representing 5.69% ownership of the company. In it’s prior filing, the firm reported owning 317K shares, representing an increase of 91.30%. The firm increased its portfolio allocation in SMTC by 1,047.88% over the last quarter.

Ameriprise Financial holds 2,492K shares representing 3.90% ownership of the company. In it’s prior filing, the firm reported owning 791K shares, representing an increase of 68.27%. The firm increased its portfolio allocation in SMTC by 1,622.59% over the last quarter.

Lion Point Capital holds 2,453K shares representing 3.84% ownership of the company. No change in the last quarter.

Semtech Background Information
(This description is provided by the company.)

Semtech Corporation is a leading supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction.

This article originally appeared on Fintel

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