Semtech (NASDAQ:SMTC) Sets New 12-Month High – Time to Buy?

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on SMTC. Susquehanna lifted their price objective on Semtech from $65.00 to $80.00 and gave the stock a “positive” rating in a research report on Tuesday, November 18th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Semtech in a research note on Monday, December 29th. B. Riley Financial boosted their price target on shares of Semtech from $90.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Wall Street Zen cut shares of Semtech from a “strong-buy” rating to a “buy” rating in a research note on Monday, January 26th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $81.00 target price on shares of Semtech in a report on Tuesday, November 25th. Fourteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $81.36.

Semtech Trading Down 0.5%

The company’s fifty day simple moving average is $82.27 and its two-hundred day simple moving average is $72.11. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of 289.52 and a beta of 1.99. The company has a quick ratio of 1.71, a current ratio of 2.43 and a debt-to-equity ratio of 0.87.

Insider Activity

In related news, CFO Mark Lin sold 1,333 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $76.20, for a total value of $101,574.60. Following the completion of the transaction, the chief financial officer directly owned 18,477 shares in the company, valued at approximately $1,407,947.40. The trade was a 6.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Saar Gillai sold 3,600 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $75.26, for a total value of $270,936.00. Following the sale, the director directly owned 9,523 shares of the company’s stock, valued at approximately $716,700.98. The trade was a 27.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 26,967 shares of company stock valued at $2,236,108. Company insiders own 0.48% of the company’s stock.

Institutional Investors Weigh In On Semtech

Several large investors have recently made changes to their positions in SMTC. Vanguard Group Inc. raised its stake in shares of Semtech by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 11,858,352 shares of the semiconductor company’s stock valued at $873,842,000 after purchasing an additional 298,987 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Semtech by 3.7% during the third quarter. Ameriprise Financial Inc. now owns 7,373,744 shares of the semiconductor company’s stock worth $526,861,000 after buying an additional 261,647 shares in the last quarter. Capital Research Global Investors raised its position in Semtech by 13.9% in the 3rd quarter. Capital Research Global Investors now owns 4,691,676 shares of the semiconductor company’s stock valued at $335,220,000 after buying an additional 571,372 shares during the last quarter. State Street Corp lifted its stake in Semtech by 1.5% in the 2nd 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 lifted its stake in Semtech by 11.3% in the 4th 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.

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.