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

Semtech Co. (NASDAQ:SMTC) hit a new 52-week high during 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 traded. The stock had previously closed at $50.89.

The semiconductor company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The firm had revenue of $236.80 million during the quarter, compared to analysts’ expectations of $232.89 million. During the same quarter last year, the firm earned $0.02 earnings per share. The business’s revenue for the quarter was up 17.9% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Stifel Nicolaus increased their price target on Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. B. Riley raised their target price on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Benchmark reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research note on Monday, October 7th. Finally, Susquehanna lifted their price objective on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Semtech has an average rating of “Moderate Buy” and a consensus price target of $54.10.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 131,133 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Semtech during the 2nd quarter worth about $13,239,000. Harbor Capital Advisors Inc. lifted its holdings in Semtech by 135.9% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 42,560 shares of the semiconductor company’s stock worth $1,943,000 after buying an additional 24,517 shares during the last quarter. SG Capital Management LLC purchased a new stake in Semtech during the 1st quarter worth about $7,084,000. Finally, Fred Alger Management LLC purchased a new stake in Semtech during the 2nd quarter worth about $14,307,000.

Semtech Trading Up 5.0 %

The company has a market capitalization of $4.02 billion, a PE ratio of -3.94 and a beta of 1.54. The stock has a fifty day simple moving average of $45.83 and a 200-day simple moving average of $38.96.

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.