Semtech (NASDAQ:SMTC) Releases Q2 2023 Earnings Guidance

Semtech (NASDAQ:SMTCGet Rating) updated its second quarter 2023 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.80-$0.90 for the period, compared to the consensus estimate of $0.83. The company issued revenue guidance of $203.00 million-$213.00 million, compared to the consensus revenue estimate of $210.23 million.

SMTC stock opened at $62.58 on Wednesday. Semtech has a 12-month low of $56.00 and a 12-month high of $94.92. The company has a quick ratio of 3.52, a current ratio of 4.49 and a debt-to-equity ratio of 0.25. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 29.11, a PEG ratio of 1.51 and a beta of 1.53. The company has a 50 day moving average of $62.00 and a two-hundred day moving average of $71.71.

Semtech (NASDAQ:SMTCGet Rating) last released its quarterly earnings results on Wednesday, June 1st. The semiconductor company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. Semtech had a net margin of 18.15% and a return on equity of 20.24%. The business had revenue of $202.10 million for the quarter, compared to the consensus estimate of $199.98 million. During the same quarter last year, the firm earned $0.38 EPS. Semtech’s revenue for the quarter was up 18.6% on a year-over-year basis. On average, research analysts anticipate that Semtech will post 2.76 EPS for the current year.

Several brokerages recently issued reports on SMTC. Needham & Company LLC cut their price target on shares of Semtech from $85.00 to $75.00 and set a buy rating for the company in a report on Thursday, June 2nd. Susquehanna reduced their price target on shares of Semtech from $75.00 to $72.00 and set a hold rating for the company in a report on Wednesday, June 1st. StockNews.com initiated coverage on shares of Semtech in a research report on Thursday, March 31st. They issued a strong-buy rating on the stock. Oppenheimer reduced their price objective on shares of Semtech from $100.00 to $85.00 in a research note on Thursday, May 26th. Finally, Cowen dropped their target price on shares of Semtech to $85.00 in a report on Friday, June 3rd. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $78.91.

In other Semtech news, EVP Asaf Silberstein sold 1,971 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $62.60, for a total transaction of $123,384.60. Following the completion of the transaction, the executive vice president now owns 59,000 shares of the company’s stock, valued at $3,693,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mohan Maheswaran sold 25,000 shares of the stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $70.13, for a total value of $1,753,250.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,921 shares of company stock valued at $3,202,776. Corporate insiders own 1.30% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its holdings in Semtech by 77.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 834,381 shares of the semiconductor company’s stock valued at $57,856,000 after purchasing an additional 364,497 shares in the last quarter. BlackRock Inc. raised its position in shares of Semtech by 3.7% during the 1st quarter. BlackRock Inc. now owns 7,160,578 shares of the semiconductor company’s stock worth $496,515,000 after purchasing an additional 257,224 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Semtech by 236.9% in the 1st quarter. Renaissance Technologies LLC now owns 333,916 shares of the semiconductor company’s stock valued at $23,154,000 after acquiring an additional 234,800 shares during the last quarter. State Street Corp raised its holdings in Semtech by 4.4% in the 1st quarter. State Street Corp now owns 2,587,049 shares of the semiconductor company’s stock valued at $179,386,000 after acquiring an additional 107,848 shares during the last quarter. Finally, Clearbridge Investments LLC raised its holdings in Semtech by 52.6% in the 1st quarter. Clearbridge Investments LLC now owns 265,222 shares of the semiconductor company’s stock valued at $18,390,000 after acquiring an additional 91,379 shares during the last quarter. Institutional investors own 96.33% of the company’s stock.

Semtech Company Profile (Get Rating)

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.

See Also

Earnings History and Estimates for Semtech (NASDAQ:SMTC)

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