Semtech (NASDAQ:SMTC) Sees Large Volume Increase – Still a Buy?

Semtech Co. (NASDAQ:SMTC) shares saw an uptick in trading volume on Friday . 1,485,199 shares were traded during mid-day trading, a decline of 19% from the previous session’s volume of 1,832,163 shares.The stock last traded at $65.20 and had previously closed at $65.38.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Susquehanna boosted their price objective on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. B. Riley increased their price objective on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler restated an “overweight” rating and set a $75.00 price target (up from $60.00) on shares of Semtech in a research note on Tuesday, November 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 price objective (up from $50.00) on shares of Semtech in a research note on Tuesday, November 26th. Finally, Northland Securities increased their target price on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.70.

Semtech Stock Performance

The company has a market capitalization of $4.96 billion, a PE ratio of -5.09 and a beta of 1.65. The stock’s fifty day simple moving average is $48.87 and its 200-day simple moving average is $40.38.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The company had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. During the same period in the previous year, the company earned $0.02 EPS. The business’s quarterly revenue was up 17.9% compared to the same quarter last year. On average, equities analysts anticipate that Semtech Co. will post -0.02 EPS for the current year.

Institutional Trading of Semtech

A number of hedge funds and other institutional investors have recently modified their holdings of SMTC. Mutual of America Capital Management LLC increased its holdings in Semtech by 6.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 11,285 shares of the semiconductor company’s stock worth $515,000 after purchasing an additional 673 shares during the last quarter. Intech Investment Management LLC raised its holdings in Semtech by 128.3% in the third quarter. Intech Investment Management LLC now owns 30,521 shares of the semiconductor company’s stock valued at $1,394,000 after acquiring an additional 17,150 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Semtech during the 2nd quarter worth $13,239,000. Natixis Advisors LLC increased its position in shares of Semtech by 100.2% in the 3rd quarter. Natixis Advisors LLC now owns 35,610 shares of the semiconductor company’s stock worth $1,626,000 after purchasing an additional 17,823 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Semtech by 135.9% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock valued at $1,943,000 after purchasing an additional 24,517 shares in the last quarter.

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.