Semtech (NASDAQ:SMTC) Hits New 1-Year High at $33.13

Semtech Co. (NASDAQ:SMTC - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $33.13 and last traded at $32.98, with a volume of 646510 shares trading hands. The stock had previously closed at $31.48.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective on shares of Semtech from $26.00 to $38.00 and gave the company a "buy" rating in a research note on Monday. Roth Mkm decreased their price objective on Semtech from $46.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, December 7th. Oppenheimer restated a "market perform" rating on shares of Semtech in a research note on Monday. Northland Securities increased their price target on shares of Semtech from $30.00 to $36.50 and gave the stock an "outperform" rating in a report on Monday. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $40.00 price objective (up previously from $30.00) on shares of Semtech in a research note on Monday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $39.35.

Semtech Price Performance

The company has a market capitalization of $2.13 billion, a PE ratio of -1.94, a price-to-earnings-growth ratio of 12.33 and a beta of 1.85. The company has a quick ratio of 1.72, a current ratio of 2.46 and a debt-to-equity ratio of 4.11. The firm's 50-day moving average is $22.45 and its 200-day moving average is $20.66.

Institutional Trading of Semtech

A number of hedge funds have recently bought and sold shares of SMTC. BlackRock Inc. raised its stake in shares of Semtech by 29.7% during the first quarter. BlackRock Inc. now owns 12,090,364 shares of the semiconductor company's stock worth $291,861,000 after acquiring an additional 2,769,314 shares in the last quarter. Kodai Capital Management LP bought a new stake in Semtech in the fourth quarter worth $43,504,000. Ameriprise Financial Inc. lifted its stake in Semtech by 58.9% in the third quarter. Ameriprise Financial Inc. now owns 3,958,316 shares of the semiconductor company's stock worth $101,927,000 after purchasing an additional 1,466,665 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Semtech by 1,084.1% during the second quarter. Point72 Asset Management L.P. now owns 999,400 shares of the semiconductor company's stock valued at $25,445,000 after buying an additional 915,000 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in shares of Semtech by 374.2% during the fourth quarter. Nuveen Asset Management LLC now owns 1,148,681 shares of the semiconductor company's stock valued at $25,168,000 after buying an additional 906,430 shares during the last quarter.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.