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Semtech Corp. (NASDAQ:SMTC) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.36-0.42 for the period, compared to the Thomson Reuters consensus estimate of $0.37, StockRatingsNetwork reports. The company issued revenue guidance of $138-146 million, compared to the consensus revenue estimate of $138.29 million.

Semtech Corp. (NASDAQ:SMTC) traded up 3.48% during mid-day trading on Wednesday, hitting $23.21. 867,936 shares of the company’s stock traded hands. Semtech Corp. has a one year low of $21.38 and a one year high of $37.45. The stock has a 50-day moving average of $24.1 and a 200-day moving average of $25.61. The company’s market cap is $1.565 billion.

Semtech Corp. (NASDAQ:SMTC) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.46 earnings per share. The company’s quarterly revenue was down 18.2% on a year-over-year basis. On average, analysts predict that Semtech Corp. will post $1.55 earnings per share for the current fiscal year.

A number of analysts have recently weighed in on SMTC shares. 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. On a related note, 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 investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $31.98.

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

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

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