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

Semtech Trading Down 3.4 %

SMTC stock traded down $1.14 during midday trading on Thursday, hitting $32.71. 3,266,841 shares of the company’s stock were exchanged, compared to its average volume of 2,805,875. Semtech has a 12-month low of $21.56 and a 12-month high of $79.52. The firm has a 50 day moving average price of $52.84 and a 200-day moving average price of $51.25. The stock has a market capitalization 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.

Insiders Place Their Bets

In other news, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total value of $186,481.80. Following the completion of the transaction, the senior vice president now owns 6,317 shares in the company, valued at approximately $399,866.10. This trade represents a 31.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Lin sold 10,890 shares of Semtech stock in a transaction that occurred on Thursday, March 6th. The stock was 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 of the company’s stock, valued at approximately $403,155. The trade was a 48.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,637 shares of company stock worth $1,472,726 in the last three months. 0.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Robert W. Baird lowered their price objective 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. Craig Hallum lifted their target price on shares of Semtech from $48.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Roth Mkm upped their price target on shares of Semtech from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. UBS Group assumed coverage on Semtech in a research report on Friday, January 17th. They issued a “buy” rating and a $85.00 price objective on the stock. Finally, Benchmark upped their target price on Semtech from $56.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Three research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Semtech Company Profile

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.