Semtech (NASDAQ:SMTC) Hits New 12-Month High on Better-Than-Expected Earnings

Semtech Co. (NASDAQ:SMTC) hit a new 52-week high during trading on Monday following a stronger than expected earnings report. The stock traded as high as $53.45 and last traded at $52.98, with a volume of 485160 shares changing hands. The stock had previously closed at $50.89.

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on SMTC shares. Northland Securities upped their price target on Semtech from $46.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday. Susquehanna raised their target price on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 21st. B. Riley boosted their price target on shares of Semtech from $61.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $75.00 price objective (up from $60.00) on shares of Semtech in a report on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $70.00 target price (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.70.

Hedge Funds Weigh In On Semtech

Several large investors have recently bought and sold shares of the stock. Huntington National Bank lifted its holdings in shares of Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 302 shares during the last quarter. Ridgewood Investments LLC acquired a new position in shares of Semtech in the 2nd quarter valued at $44,000. Canada Pension Plan Investment Board purchased a new stake in Semtech in the 2nd quarter valued at $60,000. NBC Securities Inc. boosted its stake in Semtech by 115.8% during the 3rd quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 739 shares during the period. Finally, Quarry LP purchased a new position in Semtech during the 2nd quarter worth $63,000.

Semtech Price Performance

The business’s 50 day simple moving average is $45.83 and its 200 day simple moving average is $38.96. The company has a market capitalization of $4.75 billion, a price-to-earnings ratio of -4.66 and a beta of 1.54.

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.