Semtech (NASDAQ:SMTC) Sets New 12-Month High on Better-Than-Expected Earnings

Shares of Semtech Co. (NASDAQ:SMTC) reached a new 52-week high on Monday following a stronger than expected earnings report. The stock traded as high as $53.45 and last traded at $52.98, with a volume of 485160 shares. The stock had previously closed at $50.89.

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 for 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%. The firm’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 earnings per share.

Analyst Ratings Changes

Several equities analysts recently weighed in on SMTC shares. B. Riley increased their price objective on shares of Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Benchmark restated a “buy” rating and issued a $56.00 price target on shares of Semtech in a research report on Monday, October 7th. Roth Mkm upped their price objective on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday. Susquehanna raised their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and set a $50.00 price objective on shares of Semtech in a research note on Wednesday, August 28th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.10.

Institutional Trading of Semtech

Institutional investors have recently modified their holdings of the company. Huntington National Bank raised its position in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 302 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in shares of Semtech in the second quarter valued at approximately $44,000. Canada Pension Plan Investment Board bought a new stake in shares of Semtech in the second quarter worth $60,000. NBC Securities Inc. boosted its holdings in Semtech by 115.8% during the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the last quarter. Finally, Quarry LP bought a new position in Semtech in the second quarter valued at $63,000.

Semtech Stock Performance

The firm’s 50-day simple moving average is $45.56 and its 200 day simple moving average is $38.86. The stock has a market capitalization of $4.02 billion, a P/E ratio of -3.90 and a beta of 1.54.

About Semtech

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.