Semtech (NASDAQ:SMTC) Reaches New 52-Week High – Here’s Why

Semtech Co. (NASDAQ:SMTC)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $49.56 and last traded at $49.53, with a volume of 58710 shares changing hands. The stock had previously closed at $47.04.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Stifel Nicolaus raised their price objective on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. B. Riley raised their price objective on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price target on shares of Semtech in a research report on Wednesday, August 28th. Finally, Benchmark reaffirmed a “buy” rating and issued a $56.00 price target on shares of Semtech in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.60.

Semtech Stock Up 4.2 %

The stock has a market cap of $3.69 billion, a PE ratio of -3.47 and a beta of 1.54. The firm has a 50 day moving average price of $43.68 and a 200 day moving average price of $37.76.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The firm had revenue of $215.40 million for the quarter, compared to analyst estimates of $212.30 million. During the same quarter last year, the firm posted ($0.06) earnings per share. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. Equities analysts forecast that Semtech Co. will post -0.07 earnings per share for the current year.

Institutional Investors Weigh In On Semtech

Institutional investors have recently added to or reduced their stakes in the stock. Huntington National Bank boosted its position in Semtech by 105.2% during the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in Semtech during the first quarter valued at about $27,000. NBC Securities Inc. boosted its holdings in Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 739 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in Semtech in the second quarter worth about $44,000. Finally, International Assets Investment Management LLC boosted its holdings in Semtech by 4,464.9% in the third quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock worth $77,000 after acquiring an additional 1,652 shares in the last quarter.

About Semtech

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.