Semtech Corporation (SMTC Quick QuoteSMTC - Free Report) has joined forces with Enthu Technology Solutions India Pvt Ltd and Xorowin Mechatronics for its LoRa solutions.

Enthu Technology and Xorowin Mechatronics incorporated Semtech’s LoRa devices and LoRaWAN standard into their SIPOAL.

SIPOAL comprises an IoT-based smart single point lubricator and a self-powered electromechanical controller. The integration of LoRaWAN helps SIPOAL in providing constant real-time connectivity for industrial use cases.

The recent selection of LoRa solutions has strengthened Semtech’s customer base. This is expected to contribute significantly to the company’s top-line growth in the days ahead.

Semtech Corporation Price and Consensus

Semtech Corporation price-consensus-chart | Semtech Corporation Quote

Growing LoRa Collaborations

Apart from the recent partnership, Semtech collaborated with Vutility for the integration of Semtech’s LoRa solutions into the latter’s HotDrop solution to provide better energy monitoring of a facility.

The company’s LoRa devices and LoRaWAN standard have also been used by Arson Metering for detecting harmful levels of methane in gas.

Additionally, Semtech partnered with Cloud Energy for integrating the LoRaWAN standard in the latter’s rooftop wireless solar power system.

Further, its LoRa devices and LoRaWAN standard are used by Elvexys for delivering real-time data to Oiken’s supervision control room in case of a power grid failure.

We believe that these recent collaborations are likely to drive revenues of Semtech’s Wireless and Sensing segment in the upcoming period.

The underlined segment has notably become an integral part of the company’s overall business. It is worth mentioning that the segment has generated 33% of the total revenues in fourth-quarter fiscal 2022. Also, revenues from the same increased 13% year over year.

LoRa Portfolio: Key Strength

Semtech’s growing customer partnerships are a result of its strong efforts toward strengthening LoRa technological offerings. Also, the company keeps bringing innovative solutions to better serve customers.

SMTC recently introduced the LoRa Developer Portal in order to help developers quickly develop IoT devices connected with the LoRaWAN standard.

Apart from this, it expanded the LoRa Core portfolio by adding a new solution, LoRa Corecell Reference Design, for full-duplex gateway applications in the U.S. 902-928MHz ISM band. The new product enables LoRaWAN gateways to simultaneously receive and transmit data.

Further, it unveiled the LoRa Core portfolio comprising a new chipset, which offers LoRaWAN connectivity to various vertical industries including asset tracking, building, home, agriculture, metering and factory automation.

These initiatives are aiding SMTC to penetrate the growing LoRa and LoRaWAN devices market, which is expected to hit $6.2 billion by 2026, witnessing a CAGR of 36.5% between 2021 and 2026, per an Industry ARC report.

Zacks Rank & Other Stocks to Consider

Currently, Semtech carries a Zacks Rank #1 (Strong Buy).

Investors interested in the broader technology sector can also consider stocks like Advanced Micro Devices ((AMD Quick QuoteAMD - Free Report) , Arrow Electronics (ARW Quick QuoteARW - Free Report) and Analog Devices (ADI Quick QuoteADI - Free Report) . While Advanced Micro Devices and Arrow Electronics sport a Zacks Rank #1, Analog Devices carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Advanced Micro Devices has gained 55.8% in the past year. The long-term earnings growth rate for AMD is currently projected at 29.1%.

Arrow Electronics has gained 15.2% in the past year. ARW’s long-term earnings growth rate is currently projected at 3.1%.

Analog Devices has gained 4.7% in the past year. The long-term earnings growth rate for ADI is currently projected at 12.3%.