Semtech Corporation SMTC recently announced that Polysense Technologies Inc. has unveiled a series of smart human body temperature monitoring products based on Semtech’s LoRa devices.
These products are expected to help public health officials to efficiently monitor the temperature of the public in places like airports, railway stations, schools, shopping centers and large building entrances. The real-time data from the temperature sensors will allow immediate screening of individuals with high temperature and thereby lead to enhanced public safety.
The LoRa Technology enables long-range connectivity of IoT devices and aids in connecting sensors to the cloud. Its long-range performance and low power consumption requirement enhance overall performance. Owing to reliable and accurate data monitoring, this technology helps in developing applications that are very useful to the healthcare industry.
The COVID-19 outbreak has been a huge challenge for healthcare providers. Even amid this crisis situation, these innovative real-time sensors would likely boost the adoption rate of the company’s LoRa technology, which in turn will drive the top line.
Semtech Corporation Price and Consensus
Semtech Corporation price-consensus-chart | Semtech Corporation Quote
IoT Market’s Prospects
IoT devices have been gaining significant traction in recent times. These devices have been successful in making an impact across all end markets served by the company.
Per IOT Analytics, the number of active IoT devices is expected to grow from 7 billion in 2018 to 10 billion and 22 billion by 2020 and 2025, respectively, including devices on the consumer and enterprise side.
Presently, LoRaWAN networks are operating in many countries. It expects the LoRaWAN open protocol to reach more countries in the near term. Industry experts expect four out of every 10 long-range IoT connections to be powered by LPWAN, with LoRaWAN being the dominant player.
We believe Semtech is well poised to rapidly penetrate the expanding IoT market, aided by the highly popular LoRa technology.
Zacks Rank & Stocks to Consider
Currently, Semtech carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Stamps.com Inc. STMP, eBay Inc. EBAY and Fiverr International Lt. FVRR. While Stamps.com sports a Zacks Rank #1 (Strong Buy), eBay and Fiverr International carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Stamps.com, eBay and Fiverr International is currently projected at 15%, 11.6% and 44.2%, respectively.
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