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Semtech Corp. (NASDAQ:SMTC) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.42-0.48 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.46, ARN reports. The company issued revenue guidance of $142-152 mnln, compared to the consensus revenue estimate of $152.22 million.

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 equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Semtech Corp. currently has an average rating of Buy and a consensus target price of $33.14.

Semtech Corp. (NASDAQ:SMTC) traded up 2.74% on Wednesday, hitting $24.00. 2,493,663 shares of the company’s stock traded hands. Semtech Corp. has a 1-year low of $21.38 and a 1-year high of $32.72. The stock has a 50-day moving average of $23.96 and a 200-day moving average of $24.67. The company’s market cap is $1.615 billion.

Semtech Corp. (NASDAQ:SMTC) last issued its quarterly earnings data on Wednesday, August 20th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.52 earnings per share. Semtech Corp.’s revenue was down 11.7% compared to the same quarter last year. On average, analysts predict that Semtech Corp. will post $1.61 earnings per share for the current fiscal year.

In other Semtech Corp. news, CEO Mohan Maheswaran sold 4,400 shares of the stock on the open market in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $23.02, for a total value of $101,288.00. The sale was disclosed in a legal filing 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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