Semtech (NASDAQ:SMTC) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Semtech (NASDAQ:SMTC) issued its quarterly earnings results on Monday. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03, Briefing.com reports. The business had revenue of $236.80 million for the quarter, compared to the consensus estimate of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 107.21%. The business’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 earnings per share. Semtech updated its Q4 guidance to $0.29-0.35 EPS.

Semtech Stock Performance

Shares of SMTC traded up $2.55 during trading hours on Monday, hitting $53.44. 3,797,738 shares of the stock were exchanged, compared to its average volume of 1,803,333. The stock’s 50-day moving average price is $45.56 and its two-hundred day moving average price is $38.86. Semtech has a 12-month low of $15.63 and a 12-month high of $53.74. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -3.90 and a beta of 1.54.

Analyst Upgrades and Downgrades

SMTC has been the subject of several research analyst reports. Roth Mkm increased their price objective on shares of Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Susquehanna raised their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday. Stifel Nicolaus lifted their price objective on shares of Semtech from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Benchmark reiterated a “buy” rating and issued a $56.00 target price on shares of Semtech in a research report on Monday, October 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Semtech in a research report on Wednesday, August 28th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.10.

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.