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

Semtech Corporation (NASDAQ:SMTC) hit a new 52-week high on Tuesday . The stock traded as high as $113.13 and last traded at $112.40, with a volume of 600476 shares changing hands. The stock had previously closed at $107.10.

Analysts Set New Price Targets

Several brokerages have weighed in on SMTC. Stifel Nicolaus lifted their price objective on Semtech from $90.00 to $98.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Wall Street Zen cut Semtech from a “strong-buy” rating to a “buy” rating in a report on Monday, January 26th. B. Riley Financial lifted their price objective on Semtech from $115.00 to $122.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Benchmark boosted their price target on Semtech from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Finally, Oppenheimer boosted their price target on Semtech from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Semtech presently has a consensus rating of “Moderate Buy” and an average price target of $95.71.

Semtech Price Performance

The firm has a market cap of $10.52 billion, a P/E ratio of -256.77 and a beta of 2.22. The company has a current ratio of 2.37, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. The business has a 50-day moving average of $88.30 and a two-hundred day moving average of $79.80.

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 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 analyst estimates of $273.14 million. During the same quarter in the previous year, the company posted $0.40 EPS. The business’s revenue was up 9.3% on a year-over-year basis. On average, sell-side analysts anticipate that Semtech Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Activity at Semtech

In related news, EVP Jason Elliot Green sold 7,500 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $81.73, for a total transaction of $612,975.00. Following the sale, the executive vice president owned 8,811 shares in the company, valued at $720,123.03. This represents a 45.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul V. Walsh, Jr. sold 500 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $105.93, for a total value of $52,965.00. Following the sale, the director owned 23,779 shares in the company, valued at approximately $2,518,909.47. The trade was a 2.06% 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 46,384 shares of company stock worth $3,920,140 over the last quarter. 0.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Semtech

Institutional investors and hedge funds have recently made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new stake in shares of Semtech in the first quarter worth approximately $33,000. Hantz Financial Services Inc. increased 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 valued at $36,000 after acquiring an additional 360 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of Semtech during the third quarter valued at approximately $41,000. AlphaQuest LLC increased its position in shares of Semtech by 42.5% during the third quarter. AlphaQuest LLC now owns 580 shares of the semiconductor company’s stock valued at $41,000 after acquiring an additional 173 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its position in shares of Semtech by 65.5% during the third quarter. Jones Financial Companies Lllp now owns 594 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 235 shares during 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.