Semtech (NASDAQ:SMTC) Releases Q3 Earnings Guidance

Semtech (NASDAQ:SMTC) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.20-$0.26 for the period, compared to the consensus earnings per share estimate of $0.21. The company issued revenue guidance of $228-$238 million, compared to the consensus revenue estimate of $227.47 million.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. StockNews.com upgraded Semtech from a sell rating to a hold rating in a report on Thursday, June 6th. B. Riley upped their price target on Semtech from $43.00 to $50.00 and gave the stock a buy rating in a research note on Friday, May 17th. Piper Sandler reissued an overweight rating and issued a $60.00 target price (up from $40.00) on shares of Semtech in a report on Wednesday, May 29th. Needham & Company LLC restated a buy rating and set a $50.00 price target on shares of Semtech in a report on Monday, July 15th. Finally, Northland Securities increased their price objective on shares of Semtech from $36.50 to $46.00 and gave the company an outperform rating in a research report on Thursday, June 6th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $48.90.

Semtech Trading Up 3.1 %

Semtech stock traded up $1.13 during mid-day trading on Tuesday, hitting $38.16. The stock had a trading volume of 2,232,195 shares, compared to its average volume of 1,891,420. The firm’s 50 day moving average is $32.35 and its 200 day moving average is $31.16. Semtech has a one year low of $13.13 and a one year high of $46.86. The firm has a market capitalization of $2.47 billion, a P/E ratio of -2.19 and a beta of 1.55.

Semtech (NASDAQ:SMTC) last released its earnings results on Wednesday, June 5th. The semiconductor company reported ($0.17) EPS for the quarter, hitting the consensus estimate of ($0.17). The firm had revenue of $206.11 million for the quarter, compared to the consensus estimate of $200.16 million. Semtech had a negative net margin of 129.52% and a negative return on equity of 154.99%. As a group, equities research analysts forecast that Semtech will post -0.03 earnings per share for the current year.

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.