Semtech (NASDAQ:SMTC) Reaches New 12-Month High – Here’s Why

Shares of Semtech Corporation (NASDAQ:SMTC) reached a new 52-week high on Wednesday . The company traded as high as $92.92 and last traded at $92.8050, with a volume of 105961 shares trading hands. The stock had previously closed at $90.17.

Analysts Set New Price Targets

SMTC has been the subject of several analyst reports. Roth Mkm raised their target price on shares of Semtech from $65.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Wall Street Zen downgraded shares of Semtech from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 26th. Robert W. Baird upped their target price on Semtech from $70.00 to $88.00 and gave the company an “outperform” rating in a research note on Tuesday, November 25th. Susquehanna raised their price target on Semtech from $65.00 to $80.00 and gave the stock a “positive” rating in a research note on Tuesday, November 18th. Finally, Morgan Stanley set a $67.00 price objective on Semtech in a research report on Tuesday, November 25th. Fourteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.21.

Semtech Trading Down 1.8%

The firm has a market capitalization of $8.37 billion, a P/E ratio of 291.90 and a beta of 2.01. The stock has a 50-day simple moving average of $80.93 and a two-hundred day simple moving average of $70.83. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.87.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Monday, November 24th. The semiconductor company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.45 by $0.03. Semtech had a return on equity of 17.00% and a net margin of 2.77%.The firm had revenue of $266.97 million for the quarter, compared to analyst estimates of $266.36 million. During the same quarter last year, the firm posted $0.26 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, equities research analysts anticipate that Semtech Corporation will post -0.02 earnings per share for the current year.

Insider Transactions at Semtech

In other Semtech news, Director Saar Gillai sold 3,600 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $75.26, for a total transaction of $270,936.00. Following the sale, the director owned 9,523 shares of the company’s stock, valued at approximately $716,700.98. This trade represents a 27.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory Michael Fischer sold 1,034 shares of the business’s stock in a transaction on Friday, January 9th. The stock was sold at an average price of $75.50, for a total value of $78,067.00. Following the completion of the transaction, the director directly owned 2,857 shares of the company’s stock, valued at approximately $215,703.50. The trade was a 26.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 26,967 shares of company stock worth $2,236,108. Insiders own 0.48% of the company’s stock.

Institutional Trading of Semtech

Several hedge funds have recently modified their holdings of SMTC. Evergreen Capital Management LLC grew its position in shares of Semtech by 2.3% in the 4th quarter. Evergreen Capital Management LLC now owns 5,945 shares of the semiconductor company’s stock worth $438,000 after buying an additional 136 shares during the last quarter. Stephens Inc. AR grew its holdings in Semtech by 3.3% in the fourth quarter. Stephens Inc. AR now owns 4,410 shares of the semiconductor company’s stock worth $325,000 after purchasing an additional 142 shares during the last quarter. Journey Strategic Wealth LLC increased its position in shares of Semtech by 3.2% during the third quarter. Journey Strategic Wealth LLC now owns 5,074 shares of the semiconductor company’s stock worth $363,000 after purchasing an additional 159 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Semtech by 0.8% during the 4th quarter. Captrust Financial Advisors now owns 19,302 shares of the semiconductor company’s stock valued at $1,422,000 after purchasing an additional 162 shares during the last quarter. Finally, AlphaQuest LLC lifted its holdings in shares of Semtech by 42.5% during the 3rd quarter. AlphaQuest LLC now owns 580 shares of the semiconductor company’s stock valued at $41,000 after purchasing an additional 173 shares during the last quarter.

Semtech Company Profile

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.