Semtech (NASDAQ:SMTC) Sets New 1-Year High at $47.38

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on SMTC shares. StockNews.com raised shares of Semtech from a “sell” rating to a “hold” rating in a research note on Thursday, June 6th. Craig Hallum raised their target price on shares of Semtech from $36.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Semtech in a research note on Wednesday, August 28th. Benchmark reaffirmed a “buy” rating and issued a $56.00 target price on shares of Semtech in a research note on Monday, September 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $60.00 target price (up previously from $40.00) on shares of Semtech in a research note on Wednesday, May 29th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.60.

Semtech Price Performance

The business’s 50-day moving average price is $36.25 and its two-hundred day moving average price is $33.84. The company has a market capitalization of $3.46 billion, a P/E ratio of -2.72 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last announced its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates 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 business’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.06) earnings per share. Research analysts expect that Semtech Co. will post -0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Semtech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMTC. Charles Schwab Investment Management Inc. boosted its stake in Semtech by 10.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,231 shares of the semiconductor company’s stock worth $18,913,000 after purchasing an additional 81,825 shares during the period. Principal Financial Group Inc. boosted its stake in Semtech by 1.5% in the 4th quarter. Principal Financial Group Inc. now owns 396,224 shares of the semiconductor company’s stock worth $8,681,000 after purchasing an additional 5,954 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in Semtech in the 4th quarter worth $287,000. King Luther Capital Management Corp acquired a new position in Semtech in the 4th quarter worth $1,424,000. Finally, Cape Investment Advisory Inc. acquired a new position in Semtech in the 4th quarter worth $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.