Semtech Corporation (SMTC Quick QuoteSMTC - Free Report) has collaborated with an end-to-end Internet of Things (IoT) solutions provider for smart buildings, Nordic Propeye.

Nordic’s new HVAC optimization solution, which was recently launched in the United States, have incorporated SMTC’s LoRa devices and LoRaWAN standard for lowering energy consumption.

Leveraging LoRa technology, the U.S. HVAC solution controls a facility’s HVAC systems by taking data from wireless sensor devices that constantly monitor CO2 levels, temperature, humidity and real-time room occupancy.

The HVAC optimization solution, which was previously released in Europe, saves 15-30% energy by integrating Semtech’s LoRa solutions. This shows the robustness of LoRa devices.

The selection of LoRa technology by Nordic Propeye has naturally added strength to Semtech’s customer base.

Semtech Corporation Price and Consensus

Semtech Corporation price-consensus-chart | Semtech Corporation Quote

Growth in Customer Base

Apart from this recent selection, Semtech’s LoRa long-range modem is incorporated into REYAX’s new antenna transceiver module, the REYAX RYLR998, which makes it usable across various IoT use cases, such as smart homes and asset tracking.

Additionally, Semtech partnered with ICT International, whereby the latter integrated Semtech’s LoRa devices and LoRaWAN standard into its water-quality monitoring systems for aquaculture.

SMTC’s LoRa devices & LoRaWAN standard are also incorporated into Enthu Technology Solutions and Xorowin Mechatronics’ SIPOAL to provide constant real-time connectivity for industrial use cases.

Semtech’s LoRa devices and LoRaWAN standard are also integrated into Smart Paddock’s Bluebell smart GPS ear tag for monitoring livestock location in real time and analyzing cattle’s behavioral data to solve livestock management issues.

The consistent increase in customers is expected to continue contributing well to Semtech’s top-line growth.

LoRa Portfolio Strength

Semtech’s growing customer relationships are attributed to its reliable and efficient LoRa portfolio of solutions. Also, SMTC keeps working toward expanding its offerings to equip customers with advanced technology-based solutions.

Semtech recently added multi-band features to the LoRa Edge device-to-Cloud geolocation platform LoRa Edge to focus on the challenges faced by the logistics industry.

This apart, SMTC introduced the LoRa Developer Portal to help developers quickly develop IoT devices connected with the LoRaWAN standard.

Semtech expanded the LoRa Core portfolio by adding a 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 receive and transmit data simultaneously.

The growing initiatives are helping SMTC strengthen its footprint in the growing LoRa and LoRaWAN devices market.

Evidently, this will help SMTC to win investors’ confidence in the near term and the long haul.

Shares of SMTC have been down 67.9% in the year-to-date period compared with the Computer and Technology sector’s decline of 31.6%.

Zacks Rank & Stocks to Consider

Currently, Semtech has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Zacks Computer & Technology sector are Arista Networks (ANET Quick QuoteANET - Free Report) , Airbnb (ABNB Quick QuoteABNB - Free Report) and Asure Software (ASUR Quick QuoteASUR - Free Report) . While Arista Networks and Asure Software sport a Zacks Rank #1 (Strong Buy), Airbnb carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Arista Networks has lost 10.2% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 17.5%.

Airbnb has lost 44.1% in the year-to-date period. ABNB’s long-term earnings growth rate is currently projected at 20.7%.

Asure Software has gained 4.2% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 23%.