Semtech (NASDAQ:SMTC) Reaches New 52-Week High on Better-Than-Expected Earnings

Semtech Co. (NASDAQ:SMTC)’s stock price reached a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $53.45 and last traded at $52.98, with a volume of 485160 shares. The stock had previously closed at $50.89.

The semiconductor company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $236.80 million for 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 107.21%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.02 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SMTC shares. Susquehanna boosted their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Stifel Nicolaus boosted their price objective on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Roth Mkm boosted their price objective on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a report on Monday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $54.10.

Hedge Funds Weigh In On Semtech

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Semtech by 1.6% in the first quarter. Vanguard Group Inc. now owns 8,458,425 shares of the semiconductor company’s stock valued at $232,522,000 after acquiring an additional 131,133 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Semtech by 5.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 77,580 shares of the semiconductor company’s stock valued at $2,134,000 after acquiring an additional 4,347 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new position in shares of Semtech in the first quarter valued at approximately $311,000. SG Capital Management LLC purchased a new position in shares of Semtech in the first quarter valued at approximately $7,084,000. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Semtech by 23.0% in the second quarter. Harbor Capital Advisors Inc. now owns 18,043 shares of the semiconductor company’s stock valued at $539,000 after acquiring an additional 3,370 shares in the last quarter.

Semtech Stock Up 5.0 %

The firm has a market cap of $4.02 billion, a PE ratio of -3.94 and a beta of 1.54. The firm has a 50-day moving average price of $45.83 and a two-hundred day moving average price of $38.96.

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.