Semtech (NASDAQ:SMTC) Updates Q3 2023 Earnings Guidance

Semtech (NASDAQ:SMTCGet Rating) issued an update on its third quarter 2023 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.60-$0.66 for the period, compared to the consensus earnings per share estimate of $0.69. The company issued revenue guidance of $170.00 million-$180.00 million, compared to the consensus revenue estimate of $215.61 million.

Semtech Price Performance

Shares of Semtech stock traded down $0.48 during trading on Friday, reaching $29.52. 28,520 shares of the stock traded hands, compared to its average volume of 1,419,531. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 12.00, a P/E/G ratio of 0.94 and a beta of 1.59. The business has a fifty day simple moving average of $47.61 and a two-hundred day simple moving average of $56.35. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.12 and a quick ratio of 3.35. Semtech has a 52-week low of $29.52 and a 52-week high of $94.92.

Semtech (NASDAQ:SMTCGet Rating) last announced its quarterly earnings results on Wednesday, August 31st. The semiconductor company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. Semtech had a net margin of 19.94% and a return on equity of 21.18%. The firm had revenue of $209.25 million during the quarter, compared to the consensus estimate of $208.29 million. During the same quarter last year, the firm earned $0.51 EPS. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts expect that Semtech will post 2.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Robert W. Baird decreased their price objective on shares of Semtech from $90.00 to $48.00 and set an outperform rating for the company in a research note on Thursday, September 1st. Susquehanna Bancshares decreased their price target on shares of Semtech to $56.00 in a research note on Monday, August 29th. Needham & Company LLC lowered shares of Semtech to a hold rating in a report on Tuesday, August 9th. Piper Sandler cut their price objective on shares of Semtech from $95.00 to $60.00 and set an overweight rating on the stock in a report on Thursday, September 1st. Finally, Benchmark reduced their target price on shares of Semtech to $65.00 in a report on Tuesday, September 6th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $65.00.

Institutional Trading of Semtech

Hedge funds have recently modified their holdings of the stock. Ethic Inc. increased its holdings in Semtech by 7.6% in the first quarter. Ethic Inc. now owns 4,548 shares of the semiconductor company’s stock valued at $315,000 after buying an additional 320 shares in the last quarter. Zebra Capital Management LLC increased its stake in Semtech by 10.5% during the 1st quarter. Zebra Capital Management LLC now owns 3,456 shares of the semiconductor company’s stock worth $240,000 after buying an additional 327 shares in the last quarter. Bridgefront Capital LLC boosted its stake in shares of Semtech by 14.7% in the first quarter. Bridgefront Capital LLC now owns 2,944 shares of the semiconductor company’s stock worth $204,000 after acquiring an additional 377 shares during the last quarter. LPL Financial LLC increased its position in shares of Semtech by 2.9% during the second quarter. LPL Financial LLC now owns 14,823 shares of the semiconductor company’s stock worth $815,000 after purchasing an additional 418 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in Semtech by 12.7% in the 1st quarter. Mackenzie Financial Corp now owns 4,554 shares of the semiconductor company’s stock valued at $316,000 after purchasing an additional 513 shares during the last quarter. Hedge funds and other institutional investors own 97.53% of the company’s stock.

About Semtech

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Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products 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.

Further Reading

Earnings History and Estimates for Semtech (NASDAQ:SMTC)

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