Semtech (NASDAQ:SMTC) Reaches New 12-Month High – What’s Next?

Semtech Co. (NASDAQ:SMTC) shares hit a new 52-week high on Tuesday . The stock traded as high as $76.35 and last traded at $76.17, with a volume of 14371 shares traded. The stock had previously closed at $75.00.

Analysts Set New Price Targets

Several brokerages recently issued reports on SMTC. Piper Sandler reissued an “overweight” rating and set a $75.00 price objective (up from $60.00) on shares of Semtech in a report on Tuesday, November 26th. Northland Securities boosted their price target on Semtech from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 10th. UBS Group began coverage on Semtech in a research report on Friday, January 17th. They set a “buy” rating and a $85.00 price objective on the stock. Needham & Company LLC boosted their target price on shares of Semtech from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Finally, Susquehanna increased their price target on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $71.09.

Semtech Trading Down 1.5 %

The company’s 50-day moving average is $63.27 and its 200 day moving average is $48.08.

Semtech (NASDAQ:SMTC) last posted its earnings results on Monday, November 25th. The semiconductor company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The company’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period last year, the firm earned $0.02 EPS.

Insider Activity

In other news, SVP Imran Sherazi sold 1,338 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the transaction, the senior vice president now directly owns 14 shares of the company’s stock, valued at approximately $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mark Lin sold 1,359 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $65.15, for a total transaction of $88,538.85. Following the transaction, the chief financial officer now owns 4,164 shares in the company, valued at $271,284.60. The trade was a 24.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,757 shares of company stock worth $917,305 over the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Semtech

Hedge funds have recently modified their holdings of the company. Disciplined Growth Investors Inc. MN lifted its holdings in Semtech by 343.3% in the second quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock valued at $74,550,000 after acquiring an additional 1,932,116 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Semtech in the second quarter valued at $43,395,000. Millennium Management LLC lifted its stake in shares of Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock valued at $108,956,000 after purchasing an additional 765,877 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in shares of Semtech during the 3rd quarter worth $32,126,000. Finally, Clearline Capital LP increased its position in shares of Semtech by 143.1% during the 2nd quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock worth $26,863,000 after purchasing an additional 529,194 shares during 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.