Semtech (NASDAQ:SMTC) Announces Earnings Results, Beats Expectations By $0.09 EPS

Semtech (NASDAQ:SMTC) announced its quarterly 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. The firm had revenue of $238.37 million during the quarter, compared to analysts’ expectations of $237.37 million. Semtech had a negative net margin of 53.62% and a positive return on equity of 2.56%. Semtech’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.71 earnings per share. 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 10.1 %

Semtech stock opened at $25.18 on Friday. The firm’s 50-day moving average is $26.48 and its 200-day moving average is $24.92. 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 1 year low of $17.82 and a 1 year high of $35.18. The company has a market cap of $1.61 billion, a P/E ratio of -3.67 and a beta of 1.70.

Wall Street Analyst Weigh In

SMTC has been the topic of several recent analyst reports. Stifel Nicolaus lowered their target price on shares of Semtech from $32.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday. TheStreet raised shares of Semtech from a “d+” rating to a “c-” rating in a research note on Monday, July 31st. B. Riley cut their price target on shares of Semtech from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. Susquehanna raised shares of Semtech from a “neutral” rating to a “positive” rating and set a $30.00 price objective for the company in a research report on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Semtech in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Semtech currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.85.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SMTC. Cambridge Investment Research Advisors Inc. bought a new position in shares of Semtech in the 1st quarter worth about $248,000. Bank of Montreal Can lifted its position in shares of Semtech by 24.8% in the 1st quarter. Bank of Montreal Can now owns 5,486 shares of the semiconductor company’s stock worth $397,000 after buying an additional 1,089 shares during the last quarter. Rhumbline Advisers lifted its position in Semtech by 2.2% in the 1st quarter. Rhumbline Advisers now owns 180,638 shares of the semiconductor company’s stock valued at $12,525,000 after purchasing an additional 3,874 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Semtech by 10.4% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,975 shares of the semiconductor company’s stock valued at $1,662,000 after purchasing an additional 2,265 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Semtech by 3.7% in the 1st quarter. BlackRock Inc. now owns 7,160,578 shares of the semiconductor company’s stock valued at $496,515,000 after purchasing an additional 257,224 shares during the last quarter.

About Semtech

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.