Semtech (NASDAQ:SMTC – Get Free Report) posted its quarterly earnings results on Wednesday. The semiconductor company reported $0.11 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $237.37 million. During the same quarter in the previous year, the business earned $0.71 earnings per share. The firm’s quarterly 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 Stock Up 0.7 %
Shares of NASDAQ:SMTC traded up $0.15 during trading on Wednesday, hitting $22.87. The company’s stock had a trading volume of 3,419,072 shares, compared to its average volume of 1,369,626. 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 fifty-two week low of $17.82 and a fifty-two week high of $35.18. The stock’s 50-day moving average price is $26.54 and its two-hundred day moving average price is $24.93. The company has a market capitalization of $1.46 billion, a PE ratio of -254.11 and a beta of 1.70.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the company. Craig Hallum assumed coverage on Semtech in a research report on Wednesday, June 21st. They set a “buy” rating for the company. Needham & Company LLC raised Semtech from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research report on Wednesday, September 6th. StockNews.com initiated coverage on Semtech in a research report on Thursday, August 17th. They set a “sell” rating for the company. Roth Mkm reaffirmed a “buy” rating and issued a $56.00 target price on shares of Semtech in a research report on Wednesday, September 6th. Finally, Susquehanna decreased their target price on Semtech from $30.00 to $25.00 in a research report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.50.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the business. Neo Ivy Capital Management acquired a new position in shares of Semtech in the second quarter worth about $41,000. Quarry LP acquired a new stake in Semtech during the first quarter valued at approximately $49,000. Captrust Financial Advisors raised its stake in Semtech by 186.5% during 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 in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Semtech during the first quarter valued at approximately $84,000. Finally, Covestor Ltd raised its stake in Semtech by 123.9% during 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 in the last quarter.
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.
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