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

Semtech (NASDAQ:SMTC) posted its quarterly earnings results on Monday. The semiconductor company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03, Briefing.com reports. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $0.02 EPS. Semtech updated its Q4 guidance to $0.29-0.35 EPS.

Semtech Stock Up 5.0 %

NASDAQ SMTC traded up $2.55 on Monday, reaching $53.44. 3,604,811 shares of the stock traded hands, compared to its average volume of 1,803,333. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -3.90 and a beta of 1.54. Semtech has a 12 month low of $15.63 and a 12 month high of $53.74. The firm’s fifty day simple moving average is $45.56 and its 200 day simple moving average is $38.86.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SMTC shares. Benchmark reaffirmed a “buy” rating and set a $56.00 price target on shares of Semtech in a research report on Monday, October 7th. Susquehanna boosted their price target on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a research note on Thursday. B. Riley lifted their price objective on Semtech from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Stifel Nicolaus raised their price target on shares of Semtech from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Finally, Summit Insights cut shares of Semtech from a “buy” rating to a “hold” rating in a report on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Semtech 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.