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

Semtech (NASDAQ:SMTC) announced its quarterly earnings results on Thursday. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.08, Briefing.com reports. The company had revenue of $251.00 million during the quarter, compared to the consensus estimate of $249.40 million. The company’s revenue for the quarter was up 30.1% on a year-over-year basis. During the same period last year, the business posted ($0.06) EPS. Semtech updated its Q1 guidance to $0.34-0.40 EPS.

Semtech Stock Down 3.4 %

NASDAQ SMTC traded down $1.14 on Thursday, reaching $32.71. 3,266,841 shares of the stock traded hands, compared to its average volume of 2,805,875. The firm’s fifty day simple moving average is $52.84 and its 200 day simple moving average is $51.25. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -2.51, a P/E/G ratio of 2.12 and a beta of 1.69. Semtech has a 12 month low of $21.56 and a 12 month high of $79.52.

Insider Transactions at Semtech

In other news, SVP Imran Sherazi sold 1,338 shares of Semtech 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 transaction, the senior vice president now directly owns 14 shares of the company’s stock, valued at $1,050. This trade represents a 98.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $377,665.20. Following the completion of the transaction, the chief financial officer now directly owns 11,625 shares in the company, valued at approximately $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,637 shares of company stock valued at $1,472,726 in the last three months. 0.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Robert W. Baird cut their price target on Semtech from $80.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Needham & Company LLC cut their price target on Semtech from $74.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Stifel Nicolaus set a $60.00 price target on Semtech in a report on Monday. Piper Sandler restated an “overweight” rating and issued a $55.00 target price (down from $75.00) on shares of Semtech in a research report on Monday, February 10th. Finally, B. Riley raised their target price on Semtech from $61.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Semtech currently 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.