Semtech (NASDAQ:SMTC) posted its quarterly earnings results on Wednesday. The semiconductor company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.22 by $0.03, Morningstar.com reports. The firm had revenue of $137.10 million during the quarter, compared to analysts’ expectations of $134.85 million. Semtech had a return on equity of 12.91% and a net margin of 7.34%. The company’s revenue for the quarter was down 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.55 EPS. Semtech updated its Q3 2020 guidance to $0.38-0.42 EPS and its Q3 guidance to $0.38-0.42 EPS.
NASDAQ SMTC opened at $41.97 on Friday. The firm has a market cap of $2.86 billion, a PE ratio of 32.54, a price-to-earnings-growth ratio of 3.20 and a beta of 1.85. Semtech has a one year low of $39.54 and a one year high of $60.55. The stock’s 50 day simple moving average is $47.73 and its 200 day simple moving average is $49.60. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.42 and a quick ratio of 3.71.
Several equities analysts have commented on SMTC shares. Zacks Investment Research raised Semtech from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 14th. ValuEngine raised Semtech from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. Wells Fargo & Co reaffirmed an “outperformer” rating and issued a $60.00 price target (down previously from $65.00) on shares of Semtech in a report on Thursday. B. Riley cut their price target on Semtech from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday. Finally, BidaskClub cut Semtech from a “sell” rating to a “strong sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $53.58.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. bought a new stake in Semtech during the 1st quarter worth approximately $27,000. Cornerstone Advisors Inc. lifted its holdings in Semtech by 3,725.0% during the 1st quarter. Cornerstone Advisors Inc. now owns 612 shares of the semiconductor company’s stock worth $31,000 after buying an additional 596 shares in the last quarter. Point72 Hong Kong Ltd lifted its holdings in Semtech by 28.1% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,450 shares of the semiconductor company’s stock worth $70,000 after buying an additional 318 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Semtech during the 2nd quarter worth $86,000. Finally, Starr International Co. Inc. acquired a new position in Semtech during the 1st quarter worth $131,000. Institutional investors and hedge funds own 95.01% of the company’s stock.
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, and communications 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.
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