Semtech (NASDAQ:SMTC) Hits New 12-Month High – Here’s Why

Semtech Co. (NASDAQ:SMTC)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $49.56 and last traded at $49.53, with a volume of 58710 shares changing hands. The stock had previously closed at $47.04.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Roth Mkm reissued a “buy” rating and set a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. B. Riley lifted their price target on shares of Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective on shares of Semtech in a research note on Wednesday, August 28th. Benchmark reaffirmed a “buy” rating and set a $56.00 price objective on shares of Semtech in a report on Monday, October 7th. Finally, Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and an average price target of $52.60.

Semtech Price Performance

The stock’s 50-day simple moving average is $43.93 and its 200 day simple moving average is $37.92.

Semtech (NASDAQ:SMTC) last announced its earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The business had revenue of $215.40 million for the quarter, compared to the consensus estimate of $212.30 million. During the same period in the previous year, the business earned ($0.06) EPS. Semtech’s revenue was down 9.6% compared to the same quarter last year. Equities research analysts predict that Semtech Co. will post -0.07 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake 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 worth $232,522,000 after acquiring an additional 131,133 shares during the last quarter. Seven Eight Capital LP lifted its holdings in Semtech by 259.4% during the 1st quarter. Seven Eight Capital LP now owns 51,573 shares of the semiconductor company’s stock worth $1,418,000 after buying an additional 37,224 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Semtech in the 1st quarter valued at $610,000. Janney Montgomery Scott LLC acquired a new stake in shares of Semtech in the 1st quarter valued at $1,189,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Semtech during the second quarter worth $13,239,000.

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.