Semtech (NASDAQ:SMTC) Reaches New 12-Month High – What’s Next?

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SMTC. B. Riley Financial upped their target price on shares of Semtech from $90.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Morgan Stanley set a $67.00 price target on shares of Semtech in a report on Tuesday, November 25th. Wall Street Zen lowered Semtech from a “strong-buy” rating to a “buy” rating in a report on Monday, January 26th. Robert W. Baird boosted their price target on shares of Semtech from $70.00 to $88.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 25th. Finally, Stifel Nicolaus upped their price objective on Semtech from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, January 16th. Fourteen analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $79.21.

Semtech Trading Up 2.9%

The firm has a market capitalization of $8.59 billion, a PE ratio of 299.44 and a beta of 2.01. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.43 and a quick ratio of 1.71. The company has a fifty day moving average of $80.04 and a 200-day moving average of $70.54.

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

Insiders Place Their Bets

In other news, insider John Michael Wilson sold 5,000 shares of the firm’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $75.12, for a total value of $375,600.00. Following the sale, the insider directly owned 60,066 shares of the company’s stock, valued at approximately $4,512,157.92. This trade represents a 7.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Saar Gillai sold 3,600 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 9,523 shares in the company, valued at $716,700.98. This trade represents a 27.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 26,967 shares of company stock worth $2,236,108 in the last three months. 0.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SMTC. New York State Common Retirement Fund boosted its stake in Semtech by 55.7% during the third quarter. New York State Common Retirement Fund now owns 277,661 shares of the semiconductor company’s stock worth $19,839,000 after buying an additional 99,335 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Semtech by 24.4% during the 3rd quarter. Nordea Investment Management AB now owns 117,669 shares of the semiconductor company’s stock worth $7,992,000 after acquiring an additional 23,086 shares during the period. EFG Asset Management North America Corp. boosted its position in shares of Semtech by 15.6% during the 2nd quarter. EFG Asset Management North America Corp. now owns 94,872 shares of the semiconductor company’s stock valued at $4,282,000 after acquiring an additional 12,796 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in Semtech in the third quarter valued at about $4,318,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Semtech in the third quarter worth about $9,160,000.

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.