Semtech (NASDAQ:SMTC) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Semtech (NASDAQ:SMTC - Get Free Report) issued its earnings results on Thursday. The semiconductor company reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.08, Briefing.com reports. The company had revenue of $251.00 million during the quarter, compared to analysts' expectations of $249.40 million. The firm's quarterly revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.06) EPS. Semtech updated its Q1 guidance to $0.34-0.40 EPS.

Semtech Trading Down 3.4 %

Semtech stock traded down $1.14 during mid-day trading on Thursday, hitting $32.71. The company's stock had a trading volume of 3,231,443 shares, compared to its average volume of 2,805,875. Semtech has a 1 year low of $21.56 and a 1 year high of $79.52. The stock's fifty day moving average is $52.84 and its two-hundred day moving average is $51.25. The firm has a market capitalization of $2.48 billion, a PE ratio of -2.51, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69.

Insider Transactions at Semtech

In related news, SVP Imran Sherazi sold 2,946 shares of the company's stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the sale, the senior vice president now directly owns 6,317 shares of the company's stock, valued at $399,866.10. This represents a 31.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Lin sold 10,890 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $34.68, for a total transaction of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,637 shares of company stock worth $1,472,726. 0.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SMTC shares. Roth Mkm lifted their target price on shares of Semtech from $50.00 to $60.00 and gave the company a "buy" rating in a report on Monday, November 25th. Robert W. Baird dropped their target price on Semtech from $80.00 to $60.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. Piper Sandler reiterated an "overweight" rating and set a $55.00 target price (down previously from $75.00) on shares of Semtech in a research report on Monday, February 10th. Stifel Nicolaus set a $60.00 price objective on shares of Semtech in a research report on Monday. Finally, Northland Securities boosted their target price on shares of Semtech from $60.00 to $66.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

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About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.

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