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

Shares of Semtech Corporation (NASDAQ:SMTC) hit a new 52-week high on Tuesday . The stock traded as high as $166.77 and last traded at $164.50, with a volume of 3058724 shares. The stock had previously closed at $156.78.

Analyst Upgrades and Downgrades

SMTC has been the topic of several recent analyst reports. Citigroup lowered shares of Semtech from a “buy” rating to a “market perform” rating in a report on Tuesday. Stifel Nicolaus set a $157.00 price objective on shares of Semtech in a report on Thursday, May 21st. Northland Securities lowered shares of Semtech from an “outperform” rating to a “market perform” rating in a report on Tuesday. Robert W. Baird increased their price objective on shares of Semtech from $88.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. Finally, B. Riley Financial reiterated a “buy” rating on shares of Semtech in a report on Tuesday, May 12th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $118.50.

Semtech Price Performance

The company’s fifty day moving average is $102.46 and its 200 day moving average is $86.90. The company has a quick ratio of 1.66, a current ratio of 2.37 and a debt-to-equity ratio of 0.89. The stock has a market cap of $15.56 billion, a PE ratio of -379.84 and a beta of 2.22.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $274.40 million for the quarter, compared to analyst estimates of $273.14 million. During the same quarter last year, the firm posted $0.40 earnings per share. Semtech’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Semtech Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Transactions at Semtech

In related news, CFO Mark Lin sold 9,186 shares of the firm’s stock in a transaction that occurred on Tuesday, March 24th. The shares were sold at an average price of $75.05, for a total value of $689,409.30. Following the transaction, the chief financial officer owned 32,710 shares in the company, valued at approximately $2,454,885.50. This trade represents a 21.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Martin Burvill sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $88.98, for a total transaction of $222,450.00. Following the completion of the transaction, the director owned 4,409 shares in the company, valued at $392,312.82. The trade was a 36.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,884 shares of company stock valued at $3,069,245 in the last three months. 0.48% of the stock is owned by company insiders.

Institutional Trading of Semtech

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Semtech by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 11,858,352 shares of the semiconductor company’s stock valued at $873,842,000 after acquiring an additional 298,987 shares in the last quarter. Ameriprise Financial Inc. grew its position in Semtech by 3.7% in the third quarter. Ameriprise Financial Inc. now owns 7,373,744 shares of the semiconductor company’s stock valued at $526,861,000 after acquiring an additional 261,647 shares in the last quarter. Capital Research Global Investors grew its position 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 valued at $335,220,000 after acquiring an additional 571,372 shares in the last quarter. State Street Corp grew its position in Semtech by 1.5% in the second quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company’s stock valued at $182,235,000 after acquiring an additional 60,788 shares in the last quarter. Finally, Whale Rock Capital Management LLC grew its position 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 valued at $287,499,000 after acquiring an additional 396,504 shares in 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.