Semtech (NASDAQ:SMTC) Reaches New 52-Week High at $35.93

Semtech Co. (NASDAQ:SMTC)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $35.93 and last traded at $35.57, with a volume of 507506 shares. The stock had previously closed at $34.70.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SMTC. Northland Securities boosted their target price on shares of Semtech from $30.00 to $36.50 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Susquehanna boosted their target price on shares of Semtech from $30.00 to $45.00 and gave the company a “positive” rating in a research note on Monday, April 1st. Craig Hallum boosted their target price on shares of Semtech from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Oppenheimer reissued a “market perform” rating on shares of Semtech in a research note on Monday, April 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $40.00 price target (up from $30.00) on shares of Semtech in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.85.

Semtech Trading Up 3.1 %

The business’s fifty day simple moving average is $26.65 and its 200 day simple moving average is $21.59. The company has a current ratio of 2.46, a quick ratio of 1.79 and a debt-to-equity ratio of 4.11. The stock has a market cap of $2.31 billion, a P/E ratio of -2.10 and a beta of 1.85.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Thursday, March 28th. The semiconductor company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). The firm had revenue of $192.95 million during the quarter, compared to analyst estimates of $191.24 million. Semtech had a negative net margin of 125.70% and a negative return on equity of 9.41%. As a group, analysts expect that Semtech Co. will post -0.09 EPS for the current year.

Insider Buying and Selling

In related news, CFO Mark Lin bought 1,000 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was purchased at an average price of $33.23 per share, with a total value of $33,230.00. Following the completion of the acquisition, the chief financial officer now owns 1,000 shares of the company’s stock, valued at $33,230. The purchase was disclosed in a document filed with the SEC, which is available through this link. 1.20% of the stock is currently owned by company insiders.

Institutional Trading of Semtech

Several large investors have recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its stake in Semtech by 58.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,958,316 shares of the semiconductor company’s stock valued at $101,927,000 after acquiring an additional 1,466,665 shares in the last quarter. Kodai Capital Management LP purchased a new stake in Semtech in the 4th quarter worth about $43,504,000. Contour Asset Management LLC grew its holdings in Semtech by 2.6% during the 4th quarter. Contour Asset Management LLC now owns 1,463,817 shares of the semiconductor company’s stock valued at $32,072,000 after buying an additional 36,838 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Semtech by 81.1% during the 4th quarter. Victory Capital Management Inc. now owns 1,369,043 shares of the semiconductor company’s stock valued at $29,996,000 after buying an additional 613,274 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Semtech by 19.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,217,670 shares of the semiconductor company’s stock worth $26,679,000 after purchasing an additional 197,595 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.