Semtech (NASDAQ:SMTC) Announces Earnings Results

Semtech (NASDAQ:SMTC) issued its quarterly earnings results on Wednesday. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.09, MarketWatch Earnings reports. Semtech had a positive return on equity of 2.56% and a negative net margin of 53.62%. The company had revenue of $238.37 million for the quarter, compared to the consensus estimate of $237.37 million. During the same period last year, the business posted $0.71 earnings per share. The firm’s revenue 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 Price Performance

NASDAQ:SMTC opened at $25.18 on Friday. The company has a quick ratio of 1.46, a current ratio of 2.14 and a debt-to-equity ratio of 1.82. The firm has a market cap of $1.61 billion, a PE ratio of -3.67 and a beta of 1.70. Semtech has a 12 month low of $17.82 and a 12 month high of $35.18. The company’s 50-day moving average price is $26.48 and its two-hundred day moving average price is $24.92.

Institutional Trading of Semtech

Several hedge funds have recently modified their holdings of the company. Neo Ivy Capital Management bought a new position in Semtech in the 2nd quarter valued at $41,000. Quarry LP bought a new stake in Semtech during the 1st quarter worth about $49,000. Captrust Financial Advisors raised its stake in shares of Semtech by 186.5% in the first quarter. Captrust Financial Advisors now owns 1,020 shares of the semiconductor company’s stock worth $71,000 after acquiring an additional 664 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Semtech during the first quarter worth approximately $84,000. Finally, Covestor Ltd increased its holdings in shares of 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 purchasing an additional 773 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SMTC shares. Piper Sandler reduced their price objective on Semtech from $40.00 to $30.00 and set an “overweight” rating for the company in a research report on Thursday. Summit Insights upgraded shares of Semtech from a “hold” rating to a “buy” rating in a report on Thursday. TheStreet upgraded shares of Semtech from a “d+” rating to a “c-” rating in a research note on Monday, July 31st. Stifel Nicolaus cut their price target on Semtech from $32.00 to $30.00 and set a “buy” rating for the company in a report on Thursday. Finally, Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Semtech in a research report on Thursday. One 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. According to MarketBeat.com, Semtech has an average rating of “Moderate Buy” and an average price target of $35.85.

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.