Semtech (NASDAQ:SMTC) Issues Earnings Results, Beats Estimates By $0.09 EPS

Semtech (NASDAQ:SMTC) issued its earnings results on Wednesday. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.09, MarketWatch Earnings reports. Semtech had a positive return on equity of 8.83% and a negative net margin of 0.77%. The firm had revenue of $238.37 million for the quarter, compared to analysts’ expectations of $237.37 million. During the same quarter last year, the firm earned $0.71 earnings per share. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. Semtech updated its Q3 guidance to $(0.22)-(0.09) EPS and its Q3 2024 guidance to -$0.22–$0.09 EPS.

Semtech Trading Up 0.7 %

NASDAQ:SMTC opened at $22.87 on Thursday. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.46 and a current ratio of 2.14. Semtech has a one year low of $17.82 and a one year high of $35.18. The business’s 50-day simple moving average is $26.48 and its 200 day simple moving average is $24.91. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -254.11 and a beta of 1.70.

Institutional Trading of Semtech

Several hedge funds and other institutional investors have recently bought and sold shares of SMTC. Neo Ivy Capital Management bought a new stake in Semtech in the second quarter valued at about $41,000. Quarry LP bought a new stake in Semtech in the first quarter valued at about $49,000. Captrust Financial Advisors increased its holdings in Semtech by 186.5% in the first quarter. Captrust Financial Advisors now owns 1,020 shares of the semiconductor company’s stock valued at $71,000 after buying an additional 664 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Semtech in the first quarter valued at about $84,000. Finally, Covestor Ltd increased its holdings in Semtech by 123.9% in the first quarter. Covestor Ltd now owns 1,397 shares of the semiconductor company’s stock valued at $97,000 after buying an additional 773 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SMTC. Craig Hallum assumed coverage on Semtech in a report on Wednesday, June 21st. They issued a “buy” rating on the stock. Susquehanna reduced their price objective on Semtech from $30.00 to $25.00 in a research note on Thursday, June 1st. Roth Mkm restated a “buy” rating and set a $56.00 price objective on shares of Semtech in a research note on Wednesday, September 6th. TheStreet upgraded Semtech from a “d+” rating to a “c-” rating in a research note on Monday, July 31st. Finally, StockNews.com assumed coverage on Semtech in a research note on Thursday, August 17th. They set a “sell” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Semtech currently has an average rating of “Moderate Buy” and a consensus target price of $38.50.

Semtech Company Profile

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.