Semtech Corporation SMTC recently announced that Everynet has used the geolocation and asset tracking capabilities of the company’s Low power, high Range (LoRa) devices.
The LoRaWAN technology and related devices have been used to track runners in real time over hundreds of kilometers. This enables the race organizers to get accurate data, which helps them prevent injuries among the runners and keep them safe, ensuring that the event turns out to be a successful one.
The LoRa Technology enables long-range connectivity of Internet of Things (IoT) devices and uses low power consumption. Moreover, this technology helps in real-time communication of data and analytics to enhance efficiency and productivity.
Everynet is a leading provider of low power, wide area network technology (LPWA) that provides innovative solutions to help companies around the world solve IoT challenges and scale quickly. With the aid of Semtech, Everynet has used the strong network coverage of LoRaWAN with reliable tracking sensors in a bid to monitor the safety of the participants at the annual Tor des Gwants ultramarathon in Italy.
In recent years, the asset tracking market has witnessed substantial economies of scale improvements due to inexpensive connectivity, and Machine-to-Machine communications equipment and services.
The deal will lead to increased adoption of Semtech’s LoRa devices and related technology.
Semtech Corporation Price and Consensus
Semtech Corporation price-consensus-chart | Semtech Corporation Quote
IoT Market Growth Prospects
Internet of Things (IoT) devices have been gaining significant traction in recent times. These have been successful in making an impact across all end markets served.
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 more than 50 countries. The company 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.
Semtech is well poised to cater to growing demand in this domain on the back of robust product portfolio and strong IoT capabilities.
Zacks Rank & Other Stocks to Consider
Currently, Semtech carries a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the broader technology sector include Wayfair Inc. W, eBay EBAY and Inphi Corporation IPHI. While Wayfair and eBay sport a Zacks Rank #1, Inphi carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Wayfair, eBay, and Inphi is currently projected at 23%, 12.4% and 37.7%, respectively.
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