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Semtech Corp. (NASDAQ:SMTC) shot up 3.5% on Wednesday following a better than expected earnings announcement, Analyst Ratings.Net reports. The company traded as high as $25.81 and last traded at $24.17, with a volume of 1,633,726 shares. The stock had previously closed at $23.36.

The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03. The company had revenue of $145.70 million for the quarter, compared to the consensus estimate of $142.20 million. During the same quarter in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was down 11.7% on a year-over-year basis.

SMTC has been the subject of a number of recent research reports. Analysts at Raymond James upgraded shares of Semtech Corp. from an “outperform” rating to a “strong-buy” rating in a research note on Monday, July 28th. They now have a $29.00 price target on the stock. Analysts at RBC Capital raised their price target on shares of Semtech Corp. from $30.00 to $31.00 in a research note on Thursday, May 22nd. They now have an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $33.14.

In other Semtech Corp. news, CEO Mohan Maheswaran unloaded 4,400 shares of Semtech Corp. stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $23.02, for a total transaction of $101,288.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.

The stock’s 50-day moving average is $23.96 and its 200-day moving average is $24.67. The company’s market cap is $1.615 billion.

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

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