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

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

Analyst Upgrades and Downgrades

SMTC has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Semtech in a report on Wednesday, August 28th. B. Riley lifted their price target 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 cut Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. Stifel Nicolaus boosted 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. Finally, Benchmark reaffirmed a “buy” rating and issued a $56.00 price target on shares of Semtech in a research note on Monday, October 7th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.60.

Semtech Trading 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 company has a fifty day moving average of $43.68 and a 200-day moving average of $37.76.

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

Hedge Funds Weigh In On Semtech

Hedge funds have recently bought and sold shares of the company. Fidelis Capital Partners LLC purchased a new position in Semtech during the first quarter worth $27,000. Huntington National Bank boosted its holdings in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the last quarter. Ridgewood Investments LLC acquired a new position in Semtech in the second quarter valued at $44,000. Canada Pension Plan Investment Board acquired a new position in shares of Semtech during the second quarter worth about $60,000. Finally, NBC Securities Inc. lifted its stake in shares of Semtech by 115.8% during the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 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.