Semtech (NASDAQ:SMTC) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

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

Semtech Trading Up 5.0 %

Shares of SMTC traded up $2.55 during mid-day trading on Monday, hitting $53.44. The company’s stock had a trading volume of 3,797,738 shares, compared to its average volume of 1,803,333. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of -3.90 and a beta of 1.54. The company’s 50-day moving average is $45.56 and its 200-day moving average is $38.86. Semtech has a 52-week low of $15.63 and a 52-week high of $53.74.

Analyst Ratings Changes

SMTC has been the topic of a number of analyst reports. Susquehanna upped their target price on Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday. Benchmark reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Semtech in a research report on Monday, October 7th. Summit Insights downgraded Semtech from a “buy” rating to a “hold” rating in a research report on Wednesday, August 28th. 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 report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Semtech in a report on Wednesday, August 28th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.10.

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.