Semtech Corp. (SMTC) Announces Quarterly Earnings, Beats Expectations By $0.03 EPS
Semtech Corp. (NASDAQ:SMTC) issued its quarterly earnings data on Wednesday. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.03, Analyst Ratings Network reports. 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. Semtech Corp. updated its Q3 guidance to $0.42-0.48 EPS.
Shares of Semtech Corp. (NASDAQ:SMTC) traded up 2.74% during mid-day trading on Wednesday, hitting $24.00. 2,494,683 shares of the company’s stock traded hands. Semtech Corp. has a one year low of $21.38 and a one year high of $32.72. 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.
In other Semtech Corp. news, CEO Mohan Maheswaran sold 4,400 shares of the company’s stock on the open market in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on SMTC shares. 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 investment analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $33.14.
Semtech Corporation (NASDAQ:SMTC) is a supplier of analog and mixed-signal semiconductor products.
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