Semtech (NASDAQ:SMTC) Releases Earnings Results, Beats Expectations By $0.10 EPS

Semtech (NASDAQ:SMTC) issued its earnings results on Tuesday. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.10, Zacks reports.

Semtech Stock Performance

Shares of Semtech stock traded up $1.50 during trading on Tuesday, hitting $38.78. 4,090,200 shares of the stock were exchanged, compared to its average volume of 2,161,878. Semtech has a 12 month low of $24.05 and a 12 month high of $79.52. The stock’s fifty day moving average is $33.13 and its 200 day moving average is $47.32. The stock has a market cap of $3.36 billion, a PE ratio of -2.97, a P/E/G ratio of 2.12 and a beta of 1.88.

Analysts Set New Price Targets

Several brokerages have issued reports on SMTC. Stifel Nicolaus upped their price objective on Semtech from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Friday. Craig Hallum reduced their price objective on Semtech from $70.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, March 14th. Benchmark decreased their price objective on shares of Semtech from $82.00 to $68.00 and set a “buy” rating for the company in a report on Friday, March 14th. UBS Group dropped their target price on shares of Semtech from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Finally, Morgan Stanley raised their price target on shares of Semtech from $30.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Insider Activity at Semtech

In related news, CFO Mark Lin sold 2,907 shares of the firm’s stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $37.71, for a total value of $109,622.97. Following the sale, the chief financial officer now directly owns 13,481 shares in the company, valued at $508,368.51. This trade represents a 17.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Semtech by 5.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 411,814 shares of the semiconductor company’s stock valued at $14,166,000 after purchasing an additional 22,629 shares in the last quarter. Empowered Funds LLC increased its stake in Semtech by 11.5% during the 1st quarter. Empowered Funds LLC now owns 9,389 shares of the semiconductor company’s stock valued at $323,000 after buying an additional 968 shares during the period. Finally, Jones Financial Companies Lllp increased its stake in Semtech by 12,214.3% during the 1st quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company’s stock valued at $89,000 after buying an additional 2,565 shares during the period.

Semtech Company Profile

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor 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.