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Semtech Corp. (NASDAQ:SMTC) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement, Stock Ratings Network reports. Approximately 901,021 shares changed hands during trading, an increase of 112% from the previous session’s volume of 424,249 shares.The stock last traded at $23.21 and had previously closed at $22.43.

The company reported $0.32 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.02. The company had revenue of $132.90 million for the quarter, compared to the consensus estimate of $130.27 million. During the same quarter last year, the company posted $0.46 earnings per share. Semtech Corp.’s revenue was down 18.2% compared to the same quarter last year.

Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Semtech Corp. from an “underperform” rating to a “neutral” rating in a research note on Tuesday, April 29th. They now have a $24.80 price target on the stock. Separately, analysts at TheStreet downgraded shares of Semtech Corp. from a “hold” rating to a “sell” rating in a research note on Monday, March 10th. Finally, analysts at B. Riley upgraded shares of Semtech Corp. from a “sell” rating to a “neutral” rating in a research note on Monday, February 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Semtech Corp. has an average rating of “Hold” and an average price target of $31.98.

In other Semtech Corp. news, CEO Mohan Maheswaran unloaded 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $22.50, for a total transaction of $56,250.00. Following the completion of the transaction, the chief executive officer now directly owns 166,485 shares of the company’s stock, valued at approximately $3,745,913. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

The stock’s 50-day moving average is $24.1 and its 200-day moving average is $25.61. The company’s market cap is $1.565 billion.

Semtech Corporation (NASDAQ:SMTC) is a supplier of analog and mixed-signal semiconductor products.

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