Semtech (NASDAQ:SMTC) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Semtech (NASDAQ:SMTC) announced its quarterly earnings data on Thursday. The semiconductor company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08, Briefing.com reports. The business had revenue of $251.00 million during the quarter, compared to analysts’ expectations of $249.40 million. Semtech’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) EPS. Semtech updated its Q1 guidance to $0.34-0.40 EPS.

Semtech Stock Performance

Shares of NASDAQ:SMTC traded down $1.14 during midday trading on Thursday, reaching $32.71. The company had a trading volume of 3,231,443 shares, compared to its average volume of 2,805,875. Semtech has a 1-year low of $21.56 and a 1-year high of $79.52. The company has a fifty day simple moving average of $52.84 and a two-hundred day simple moving average of $51.25. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of -2.51, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69.

Insider Activity at Semtech

In related news, SVP Imran Sherazi sold 1,338 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $75.00, for a total value of $100,350.00. Following the completion of the transaction, the senior vice president now owns 14 shares in the company, valued at $1,050. The trade was a 98.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Lin sold 10,890 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the completion of the transaction, the chief financial officer now owns 11,625 shares in the company, valued at approximately $403,155. This represents a 48.37 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,637 shares of company stock valued at $1,472,726. Insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

SMTC has been the subject of a number of research reports. Stifel Nicolaus set a $60.00 target price on Semtech in a report on Monday. Piper Sandler restated an “overweight” rating and set a $55.00 target price (down previously from $75.00) on shares of Semtech in a report on Monday, February 10th. Susquehanna boosted their price objective on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday, November 21st. Craig Hallum increased their target price on Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Robert W. Baird decreased their target price on shares of Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and an average target price of $67.00.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.