Semtech (NASDAQ:SMTC) Reaches New 52-Week High – Still a Buy?

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

Wall Street Analysts Forecast Growth

SMTC has been the topic of a number of recent research reports. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Semtech in a research note on Wednesday, August 28th. Stifel Nicolaus raised their price target on Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. B. Riley upped their price objective on Semtech from $58.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Benchmark restated a “buy” rating and set a $56.00 target price on shares of Semtech in a report on Monday, October 7th. Finally, Summit Insights cut Semtech from a “buy” rating to a “hold” rating in a research note on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Semtech presently has a consensus rating of “Moderate Buy” and an average target price of $52.60.

Semtech Trading Up 5.9 %

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

Semtech (NASDAQ:SMTC) last released its quarterly earnings results on Tuesday, August 27th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $215.40 million during the quarter, compared to the consensus estimate of $212.30 million. During the same quarter in the prior year, the firm posted ($0.06) EPS. The business’s revenue was down 9.6% on a year-over-year basis. On average, research analysts expect that Semtech Co. will post -0.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Fidelis Capital Partners LLC acquired a new stake in shares of Semtech in the first quarter valued at approximately $27,000. Huntington National Bank lifted its holdings in Semtech by 105.2% during 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 bought a new position in Semtech during the second quarter worth $44,000. Canada Pension Plan Investment Board acquired a new position in shares of Semtech in the second quarter valued at $60,000. Finally, NBC Securities Inc. raised its position in shares of Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 739 shares during the period.

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.