Semtech (NASDAQ:SMTC) Sets New 1-Year High – Time to Buy?

Semtech Co. (NASDAQ:SMTC) shares hit a new 52-week high on Tuesday . The company traded as high as $67.00 and last traded at $66.95, with a volume of 1805641 shares changing hands. The stock had previously closed at $62.68.

Analysts Set New Price Targets

A number of brokerages have weighed in on SMTC. Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 price objective (up previously from $50.00) on shares of Semtech in a report on Tuesday, November 26th. Summit Insights lowered Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Northland Securities upped their target price on Semtech from $46.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Benchmark upped 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. Finally, Roth Mkm upped their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Trading Up 6.8 %

The business has a fifty day moving average price of $47.69 and a 200 day moving average price of $39.81.

Semtech (NASDAQ:SMTC) last released its quarterly earnings data on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates 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 business’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 EPS. Research analysts predict that Semtech Co. will post -0.02 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank raised its position in Semtech by 105.2% in the third quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares during the period. Ridgewood Investments LLC purchased a new position in Semtech in the second quarter valued at about $44,000. Canada Pension Plan Investment Board acquired a new stake in shares of Semtech during the second quarter valued at about $60,000. NBC Securities Inc. grew its stake in shares of Semtech by 115.8% during the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 739 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Semtech during the second quarter valued at about $63,000.

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.