Semtech (NASDAQ:SMTC) Hits New 52-Week High on Analyst Upgrade

Shares of Semtech Co. (NASDAQ:SMTCGet Free Report) hit a new 52-week high on Thursday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $46.86 and last traded at $42.24, with a volume of 1566187 shares trading hands. The stock had previously closed at $38.68.

Several other research analysts have also recently commented on SMTC. Robert W. Baird boosted their target price on Semtech from $40.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. Northland Securities boosted their price objective on Semtech from $36.50 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday. 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 report on Thursday. Roth Mkm boosted their price target on shares of Semtech from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday. Finally, B. Riley raised their price objective on shares of Semtech from $43.00 to $50.00 and gave the company a “buy” rating in a report on Friday, May 17th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.90.

Get Our Latest Stock Report on Semtech

Insider Buying and Selling at Semtech

In related news, CFO Mark Lin purchased 1,000 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were purchased at an average price of $33.23 per share, with a total value of $33,230.00. Following the completion of the acquisition, the chief financial officer now directly owns 1,000 shares in the company, valued at approximately $33,230. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Semtech

Several hedge funds have recently modified their holdings of SMTC. Louisiana State Employees Retirement System purchased a new stake in shares of Semtech during the 4th quarter worth $703,000. Charles Schwab Investment Management Inc. increased its holdings in Semtech by 10.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 863,231 shares of the semiconductor company’s stock valued at $18,913,000 after acquiring an additional 81,825 shares in the last quarter. Victory Capital Management Inc. raised its position in Semtech by 81.1% during the fourth quarter. Victory Capital Management Inc. now owns 1,369,043 shares of the semiconductor company’s stock worth $29,996,000 after acquiring an additional 613,274 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Semtech by 42.2% in the fourth quarter. BNP Paribas Financial Markets now owns 563,560 shares of the semiconductor company’s stock valued at $12,348,000 after purchasing an additional 167,376 shares in the last quarter. Finally, Kodai Capital Management LP acquired a new stake in shares of Semtech in the fourth quarter valued at approximately $43,504,000.

Semtech Stock Performance

The company has a current ratio of 2.46, a quick ratio of 1.79 and a debt-to-equity ratio of 4.11. The stock’s 50 day moving average price is $36.41 and its two-hundred day moving average price is $26.14. The firm has a market capitalization of $2.45 billion, a PE ratio of -2.23 and a beta of 1.63.

Semtech (NASDAQ:SMTCGet Free Report) last posted its quarterly earnings data on Thursday, March 28th. The semiconductor company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.05). The company had revenue of $192.95 million for the quarter, compared to analyst estimates of $191.24 million. Semtech had a negative net margin of 125.70% and a negative return on equity of 9.41%. On average, equities analysts expect that Semtech Co. will post -0.08 earnings per share for the current year.

About Semtech

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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.

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