Semtech Corp. Sees Large Volume Increase After Earnings Beat (SMTC)
Shares of Semtech Corp. (NASDAQ:SMTC) saw strong trading volume on Thursday following a better than expected earnings announcement, Stock Ratings News reports. 1,060,559 shares traded hands during trading, an increase of 59% from the previous session’s volume of 667,186 shares.The stock last traded at $25.35 and had previously closed at $24.00.
The company reported $0.42 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.39 by $0.03. The company had revenue of $145.70 million for the quarter. During the same quarter in the prior year, the company posted $0.52 earnings per share. The company’s quarterly revenue was down 11.7% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at MKM Partners raised their price target on shares of Semtech Corp. from $33.00 to $34.00 in a research note on Thursday. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Semtech Corp. from $31.00 to $32.00 in a research note on Thursday. Finally, 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Semtech Corp. has an average rating of “Buy” and an average price target of $33.43.
In other Semtech Corp. news, CEO Mohan Maheswaran sold 2,500 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $24.44, for a total value of $61,100.00. The transaction was disclosed in a filing with the SEC, which is available at this link.
The stock’s 50-day moving average is $23.82 and its 200-day moving average is $24.67. The company’s market cap is $1.713 billion.
Semtech Corporation (NASDAQ:SMTC) is a supplier of analog and mixed-signal semiconductor products.
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