Semtech (NASDAQ:SMTC) Hits New 52-Week High – Here’s What Happened

Semtech Corporation (NASDAQ:SMTC)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $149.13 and last traded at $136.6880, with a volume of 256712 shares. The stock had previously closed at $137.64.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SMTC shares. Wall Street Zen downgraded Semtech from a “strong-buy” rating to a “buy” rating in a report on Monday, January 26th. Benchmark boosted their target price on Semtech from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Craig Hallum boosted their target price on Semtech from $80.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Needham & Company LLC boosted their target price on Semtech from $100.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Finally, B. Riley Financial reissued a “buy” rating on shares of Semtech in a report on Tuesday, May 12th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and an average target price of $95.71.

Semtech Stock Performance

The stock has a market capitalization of $12.30 billion, a P/E ratio of -299.79 and a beta of 2.22. 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 business has a fifty day moving average price of $95.29 and a 200-day moving average price of $83.64.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Semtech had a positive return on equity of 18.09% and a negative net margin of 3.86%.The firm had revenue of $274.40 million for the quarter, compared to the consensus estimate of $273.14 million. During the same period in the prior year, the company posted $0.40 earnings per share. The company’s quarterly revenue was up 9.3% on a year-over-year basis. On average, sell-side analysts expect that Semtech Corporation will post 1.6 EPS for the current year.

Insider Buying and Selling

In other Semtech news, CFO Mark Lin sold 9,186 shares of the stock in a transaction dated Tuesday, March 24th. The stock was 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 of the company’s stock, valued at approximately $2,454,885.50. This represents a 21.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hong Q. Hou sold 2,000 shares of the firm’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $90.11, for a total value of $180,220.00. Following the completion of the transaction, the chief executive officer directly owned 73,228 shares in the company, valued at $6,598,575.08. This trade represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 36,384 shares of company stock valued at $3,000,140 in the last 90 days. Insiders own 0.48% of the company’s stock.

Hedge Funds Weigh In On Semtech

Large investors have recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new stake in shares of Semtech in the first quarter worth $33,000. Hantz Financial Services Inc. grew its position in shares of Semtech by 243.2% during the third quarter. Hantz Financial Services Inc. now owns 508 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 360 shares in the last quarter. AlphaQuest LLC raised its stake in 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 raised its stake in 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 purchasing an additional 235 shares during the period. Finally, Assetmark Inc. raised its stake in Semtech by 1,745.5% during the 3rd quarter. Assetmark Inc. now owns 609 shares of the semiconductor company’s stock valued at $44,000 after purchasing 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.