Semtech (NASDAQ:SMTC) Sets New 1-Year High – Should You Buy?

Semtech Co. (NASDAQ:SMTC)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $71.20 and last traded at $70.72, with a volume of 536345 shares traded. The stock had previously closed at $64.48.

Analyst Ratings Changes

SMTC has been the subject of a number of analyst reports. Susquehanna boosted their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Needham & Company LLC raised their price target on Semtech from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Benchmark increased their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Northland Securities raised their price objective on shares of Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Finally, Roth Mkm increased their price target on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday, November 25th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.70.

Semtech Stock Up 9.8 %

The business has a fifty day simple moving average of $60.03 and a two-hundred day simple moving average of $46.18. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of -5.43 and a beta of 1.65.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The firm had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same period in the prior year, the company posted $0.02 earnings per share. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, equities analysts predict that Semtech Co. will post -0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Semtech

In other news, CFO Mark Lin sold 1,359 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $65.15, for a total transaction of $88,538.85. Following the sale, the chief financial officer now owns 4,164 shares in the company, valued at approximately $271,284.60. This represents a 24.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now directly owns 6,317 shares of the company’s stock, valued at $399,866.10. This represents a 31.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,419 shares of company stock worth $676,955 over the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Arizona State Retirement System lifted its stake in shares of Semtech by 2.3% during the second quarter. Arizona State Retirement System now owns 18,074 shares of the semiconductor company’s stock valued at $540,000 after acquiring an additional 407 shares during the period. Texas Permanent School Fund Corp lifted its position in Semtech by 9.7% during the 2nd quarter. Texas Permanent School Fund Corp now owns 61,486 shares of the semiconductor company’s stock valued at $1,837,000 after purchasing an additional 5,433 shares during the period. State of New Jersey Common Pension Fund D bought a new position in shares of Semtech in the 2nd quarter valued at about $1,369,000. Federated Hermes Inc. acquired a new stake in shares of Semtech during the 2nd quarter worth approximately $2,922,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Semtech during the second quarter worth approximately $348,000.

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.