Semtech (NASDAQ:SMTC) Reaches New 52-Week High – Time to Buy?

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on SMTC. Stifel Nicolaus boosted their price target on Semtech from $90.00 to $98.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Robert W. Baird lifted their price objective on Semtech from $88.00 to $110.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. Susquehanna raised their price objective on shares of Semtech from $90.00 to $100.00 and gave the company a “positive” rating in a research report on Monday, March 9th. Benchmark raised their price objective on shares of Semtech from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, TD Cowen restated a “buy” rating on shares of Semtech in a research report on Tuesday, February 24th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.43.

Semtech Trading Up 1.9%

The stock has a fifty day moving average of $97.26 and a 200 day moving average of $84.54. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.66 and a current ratio of 2.37. The company has a market capitalization of $12.56 billion, a PE ratio of -306.50 and a beta of 2.22.

Semtech (NASDAQ:SMTC) last posted its quarterly earnings results on Monday, March 16th. The semiconductor company reported $0.44 EPS for the quarter, topping 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 company had revenue of $274.40 million for the quarter, compared to analysts’ expectations of $273.14 million. During the same period in the previous year, the firm earned $0.40 EPS. The firm’s revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts predict that Semtech Corporation will post 1.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Paul V. Walsh, Jr. sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $105.93, for a total value of $52,965.00. Following the transaction, the director directly owned 23,779 shares of the company’s stock, valued at approximately $2,518,909.47. The trade was a 2.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Martin Burvill sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $88.98, for a total value of $222,450.00. Following the completion of the transaction, the director directly owned 4,409 shares in the company, valued at approximately $392,312.82. This represents a 36.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 36,384 shares of company stock worth $3,000,140 in the last quarter. 0.48% of the stock is owned by insiders.

Institutional Trading of Semtech

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Semtech by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 11,858,352 shares of the semiconductor company’s stock worth $873,842,000 after acquiring an additional 298,987 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Semtech by 3.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 7,373,744 shares of the semiconductor company’s stock worth $526,861,000 after acquiring an additional 261,647 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Semtech by 13.9% during the 3rd quarter. Capital Research Global Investors now owns 4,691,676 shares of the semiconductor company’s stock worth $335,220,000 after acquiring an additional 571,372 shares in the last quarter. State Street Corp raised its holdings in shares of Semtech by 1.5% during the 2nd quarter. State Street Corp now owns 4,037,107 shares of the semiconductor company’s stock worth $182,235,000 after acquiring an additional 60,788 shares in the last quarter. Finally, Whale Rock Capital Management LLC raised its holdings in shares of Semtech by 11.3% during the 4th quarter. Whale Rock Capital Management LLC now owns 3,901,469 shares of the semiconductor company’s stock worth $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.