Semtech shares rallied 24% during a five-day winning streak. The surge added approximately $3.0 billion to the company's market capitalization. Semtech’s total market value now stands at roughly $15 billion.
The five-day rally accounts for nearly all of the stock's gains over the past month. Semtech outperformed the S&P 500, which remained nearly flat during the same period.
Semtech’s revenue grew 17.8% over the last 12 months. This growth rate significantly outpaced the S&P 500 median of 8.3%.
A September 10 disclosure revealed that Virginia Retirement Systems ET Al established a new position in the company. The institutional investor purchased 21,239 shares during the second quarter.