Semtech (NASDAQ:SMTC) Reaches New 52-Week High – Still a Buy?

Semtech Corporation (NASDAQ:SMTC) shares hit a new 52-week high on Tuesday . The stock traded as high as $96.46 and last traded at $96.30, with a volume of 2237235 shares changing hands. The stock had previously closed at $90.22.

Wall Street Analysts Forecast Growth

SMTC has been the topic of several recent analyst reports. B. Riley Financial increased their target price on Semtech from $90.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Oppenheimer reaffirmed an “outperform” rating and set a $81.00 price objective on shares of Semtech in a research report on Tuesday, November 25th. Piper Sandler reiterated an “overweight” rating and issued a $95.00 price objective (up from $70.00) on shares of Semtech in a report on Thursday, December 11th. Benchmark upped their target price on shares of Semtech from $76.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Finally, Robert W. Baird raised their price target on shares of Semtech from $70.00 to $88.00 and gave the company an “outperform” rating in a report on Tuesday, November 25th. Fourteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.21.

Semtech Stock Up 6.7%

The company’s 50 day moving average price is $81.70 and its two-hundred day moving average price is $71.70. The company has a current ratio of 2.43, a quick ratio of 1.71 and a debt-to-equity ratio of 0.87. The stock has a market cap of $8.91 billion, a P/E ratio of 310.65 and a beta of 2.01.

Insider Activity

In other news, COO Asaf Silberstein sold 10,000 shares of the company’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $92.00, for a total value of $920,000.00. Following the completion of the sale, the chief operating officer directly owned 68,496 shares in the company, valued at $6,301,632. This represents a 12.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Saar Gillai sold 3,600 shares of Semtech stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $75.26, for a total value of $270,936.00. Following the transaction, the director owned 9,523 shares in the company, valued at $716,700.98. This trade represents a 27.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 26,967 shares of company stock worth $2,236,108. Company insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Semtech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMTC. Hantz Financial Services Inc. lifted its holdings in Semtech by 243.2% during the third quarter. Hantz Financial Services Inc. now owns 508 shares of the semiconductor company’s stock valued at $36,000 after purchasing an additional 360 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Semtech during the 3rd quarter valued at $41,000. AlphaQuest LLC raised its position 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 period. Jones Financial Companies Lllp lifted its stake in shares of Semtech by 65.5% during the 3rd quarter. Jones Financial Companies Lllp now owns 594 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 235 shares in the last quarter. Finally, Assetmark Inc. boosted its holdings in Semtech by 1,745.5% in the 3rd quarter. Assetmark Inc. now owns 609 shares of the semiconductor company’s stock worth $44,000 after buying an additional 576 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.