Semtech (NASDAQ:SMTC) Hits New 52-Week High at $47.38

Shares of Semtech Co. (NASDAQ:SMTC) hit a new 52-week high on Thursday . The stock traded as high as $47.38 and last traded at $47.25, with a volume of 1246496 shares changing hands. The stock had previously closed at $44.03.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Northland Securities raised their price objective on shares of Semtech from $36.50 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, June 6th. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective (up previously from $40.00) on shares of Semtech in a research report on Wednesday, May 29th. B. Riley raised their target price on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Benchmark restated a “buy” rating and issued a $56.00 price target on shares of Semtech in a research note on Monday, September 9th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.60.

Semtech Price Performance

The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -2.76 and a beta of 1.54. The stock has a 50 day moving average price of $35.87 and a 200-day moving average price of $33.59.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Fidelis Capital Partners LLC purchased a new position in shares of Semtech during the 1st quarter worth $27,000. Ridgewood Investments LLC purchased a new position in Semtech during the second quarter worth about $44,000. GAMMA Investing LLC boosted its holdings in Semtech by 83.9% in the 1st quarter. GAMMA Investing LLC now owns 1,694 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 773 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Semtech by 205.0% in the 1st quarter. Versant Capital Management Inc now owns 1,873 shares of the semiconductor company’s stock valued at $51,000 after purchasing an additional 1,259 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Semtech in the 2nd quarter valued at approximately $60,000.

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.