Semtech (NASDAQ:SMTC) Sets New 52-Week High – Here’s What Happened

Semtech Corporation (NASDAQ:SMTC)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $96.68 and last traded at $97.12, with a volume of 320192 shares trading hands. The stock had previously closed at $93.27.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SMTC shares. TD Cowen reaffirmed a “buy” rating on shares of Semtech in a research note on Tuesday, February 24th. Needham & Company LLC increased their price target on shares of Semtech from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Stifel Nicolaus increased their price target on shares of Semtech from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Morgan Stanley increased their price target on shares of Semtech from $75.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, March 16th. Finally, Benchmark increased their price target on shares of Semtech from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $95.71.

Semtech Trading Up 5.1%

The company has a market capitalization of $10.01 billion, a P/E ratio of -244.80 and a beta of 2.06. The stock’s 50 day moving average is $85.49 and its 200-day moving average is $77.59. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.37 and a quick ratio of 1.66.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. Semtech had a negative net margin of 3.86% and a positive return on equity of 18.09%. The company had revenue of $274.40 million during the quarter, compared to the consensus estimate of $273.14 million. During the same period in the prior year, the firm earned $0.40 earnings per share. Semtech’s revenue was up 9.3% on a year-over-year basis. As a group, equities research analysts anticipate that Semtech Corporation will post -0.02 earnings per share for the current year.

Insiders Place Their Bets

In other Semtech news, Director Martin Burvill sold 2,500 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $88.98, for a total value of $222,450.00. Following the sale, the director owned 4,409 shares in the company, valued at approximately $392,312.82. This represents a 36.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul V. Walsh, Jr. sold 500 shares of the company’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $80.87, for a total transaction of $40,435.00. Following the completion of the sale, the director owned 24,279 shares in the company, valued at approximately $1,963,442.73. This trade represents a 2.02% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 51,384 shares of company stock valued at $4,321,300. Insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Semtech

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Semtech by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 11,858,352 shares of the semiconductor company’s stock worth $873,842,000 after purchasing an additional 298,987 shares during the period. Ameriprise Financial Inc. grew its holdings in Semtech by 3.7% in the third quarter. Ameriprise Financial Inc. now owns 7,373,744 shares of the semiconductor company’s stock worth $526,861,000 after purchasing an additional 261,647 shares during the period. Capital Research Global Investors grew its holdings in Semtech by 13.9% in the third quarter. Capital Research Global Investors now owns 4,691,676 shares of the semiconductor company’s stock worth $335,220,000 after purchasing an additional 571,372 shares during the period. State Street Corp grew its holdings in Semtech by 1.5% in the second quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company’s stock worth $182,235,000 after purchasing an additional 60,788 shares during the period. Finally, Whale Rock Capital Management LLC grew its holdings in Semtech by 11.3% in the fourth quarter. Whale Rock Capital Management LLC now owns 3,901,469 shares of the semiconductor company’s stock worth $287,499,000 after purchasing an additional 396,504 shares during the period.

About Semtech

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.