Semtech (NASDAQ:SMTC) Sees Strong Trading Volume - Still a Buy?

Shares of Semtech Co. (NASDAQ:SMTC - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 1,485,199 shares traded hands during mid-day trading, a decline of 19% from the previous session's volume of 1,832,163 shares.The stock last traded at $65.20 and had previously closed at $65.38.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SMTC. B. Riley raised their price target on shares of Semtech from $61.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Piper Sandler reissued an "overweight" rating and issued a $75.00 price target (up previously from $60.00) on shares of Semtech in a research report on Tuesday, November 26th. Northland Securities boosted their price objective on Semtech from $46.00 to $60.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 26th. Susquehanna raised their price objective on shares of Semtech from $55.00 to $60.00 and gave the stock a "positive" rating in a research note on Thursday, November 21st. Finally, Needham & Company LLC restated a "buy" rating and set a $70.00 price objective (up previously from $50.00) on shares of Semtech in a report on Tuesday, November 26th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $67.70.

Semtech Trading Up 1.1 %

The stock has a fifty day moving average of $49.27 and a two-hundred day moving average of $40.56. The stock has a market capitalization of $5.00 billion, a price-to-earnings ratio of -5.07 and a beta of 1.65.

Semtech (NASDAQ:SMTC - Get Free Report) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.03. Semtech had a negative net margin of 99.08% and a negative return on equity of 154.99%. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $232.89 million. During the same quarter last year, the business posted $0.02 earnings per share. Semtech's revenue for the quarter was up 17.9% compared to the same quarter last year. Equities analysts expect that Semtech Co. will post -0.02 earnings per share for the current year.

Hedge Funds Weigh In On Semtech

Several large investors have recently modified their holdings of SMTC. Huntington National Bank lifted its stake 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 acquiring an additional 302 shares during the last quarter. Ridgewood Investments LLC acquired a new position in Semtech in the 2nd quarter worth about $44,000. Canada Pension Plan Investment Board bought a new position in Semtech in the second quarter valued at about $60,000. NBC Securities Inc. grew its holdings in shares of Semtech by 115.8% during the third 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 last quarter. Finally, Quarry LP acquired a new position in shares of Semtech in the second quarter valued at approximately $63,000.

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.