Semtech Corp. (SMTC) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS
Semtech Corp. (NASDAQ:SMTC) issued its quarterly earnings data on Wednesday. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.30 by $0.02, AmericanBankingNews.com reports. 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.
A number of research firms have recently commented on SMTC. 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 analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $31.98.
Shares of Semtech Corp. (NASDAQ:SMTC) traded up 3.48% on Wednesday, hitting $23.21. The stock had a trading volume of 864,128 shares. 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.
In other Semtech Corp. news, CEO Mohan Maheswaran unloaded 2,500 shares of Semtech Corp. stock 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 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 Securities & Exchange Commission, which can be accessed through this link.
Semtech Corporation (NASDAQ:SMTC) is a supplier of analog and mixed-signal semiconductor products.
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