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

Semtech Co. (NASDAQ:SMTC) reached a new 52-week high on Tuesday . The company traded as high as $76.35 and last traded at $76.17, with a volume of 14371 shares traded. The stock had previously closed at $75.00.

Analysts Set New Price Targets

A number of research firms recently commented on SMTC. Benchmark boosted their price target on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Needham & Company LLC raised their target price on shares of Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Craig Hallum boosted their price target on shares of Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Susquehanna lifted their target price on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Finally, Stifel Nicolaus boosted their price target on shares of Semtech from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.09.

Semtech Trading Up 0.1 %

The firm has a market cap of $5.68 billion, a PE ratio of -5.75 and a beta of 1.65. The business’s 50-day simple moving average is $62.17 and its 200 day simple moving average is $47.57.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million during the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The company’s quarterly revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the company earned $0.02 earnings per share.

Insiders Place Their Bets

In other Semtech news, CFO Mark Lin sold 6,114 shares of Semtech stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the transaction, the chief financial officer now owns 3,531 shares in the company, valued at approximately $232,127.94. This trade represents a 63.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Asaf Silberstein sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $70.00, for a total value of $140,000.00. Following the completion of the transaction, the chief operating officer now directly owns 76,417 shares of the company’s stock, valued at $5,349,190. The trade was a 2.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,419 shares of company stock valued at $816,955. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Semtech

A number of institutional investors have recently added to or reduced their stakes in the stock. Inspire Investing LLC increased its stake in Semtech by 119.7% during the 4th quarter. Inspire Investing LLC now owns 22,053 shares of the semiconductor company’s stock worth $1,364,000 after buying an additional 12,016 shares in the last quarter. SG Americas Securities LLC raised its stake in Semtech by 643.7% in the 4th quarter. SG Americas Securities LLC now owns 57,316 shares of the semiconductor company’s stock valued at $3,545,000 after purchasing an additional 49,609 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Semtech by 12.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 7,788 shares of the semiconductor company’s stock worth $482,000 after purchasing an additional 870 shares during the last quarter. Oak Ridge Investments LLC purchased a new stake in shares of Semtech during the fourth quarter worth $2,146,000. Finally, Friedenthal Financial purchased a new position in shares of Semtech in the fourth quarter worth about $755,000.

Semtech Company Profile

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.