Semtech (NASDAQ:SMTC) Sets New 1-Year High – Here’s Why

Semtech Co. (NASDAQ:SMTC)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $71.20 and last traded at $70.72, with a volume of 536345 shares changing hands. The stock had previously closed at $64.48.

Analyst Upgrades and Downgrades

SMTC has been the subject of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $75.00 target price (up previously from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Needham & Company LLC lifted their target price on shares of Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. B. Riley lifted their target price on shares of Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Stifel Nicolaus raised their price target on shares of Semtech from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, UBS Group started coverage on shares of Semtech in a report on Friday. They issued a “buy” rating and a $85.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.09.

Semtech Trading Down 4.9 %

The business’s fifty day simple moving average is $61.24 and its 200 day simple moving average is $46.76. The stock has a market cap of $5.22 billion, a price-to-earnings ratio of -5.28 and a beta of 1.65.

Semtech (NASDAQ:SMTC) last released its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same quarter in the previous year, the business earned $0.02 EPS. The business’s quarterly revenue was up 17.9% compared to the same quarter last year.

Insider Activity

In other news, SVP Imran Sherazi sold 2,946 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares of the company’s stock, valued at $399,866.10. The trade was a 31.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Lin sold 6,114 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the sale, the chief financial officer now directly owns 3,531 shares in the company, valued at $232,127.94. This represents a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,419 shares of company stock valued at $676,955 in the last quarter. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

Institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank lifted 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 acquiring an additional 302 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in Semtech in the 2nd quarter valued at $60,000. NBC Securities Inc. lifted its position in Semtech by 115.8% in the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 739 shares in the last quarter. Quarry LP bought a new stake in Semtech in the 2nd quarter valued at $63,000. Finally, International Assets Investment Management LLC lifted its position in Semtech by 4,464.9% in the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after acquiring an additional 1,652 shares in the last quarter.

Semtech Company Profile

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.