Semtech Corp. (SMTC) Updates Q4 Earnings Guidance
Semtech Corp. (NASDAQ:SMTC) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.33-0.37 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.33. The company issued revenue guidance of $134-142 million, compared to the consensus revenue estimate of $133.52 million.
Semtech Corp. (NASDAQ:SMTC) opened at 28.10 on Thursday. The stock has a market capitalization of $1.84 billion, a P/E ratio of 66.75 and a beta of 1.39. The firm’s 50-day moving average is $25.74 and its 200 day moving average is $25.17. Semtech Corp. has a 12 month low of $15.70 and a 12 month high of $28.45.
Semtech Corp. (NASDAQ:SMTC) last released its quarterly earnings data on Wednesday, November 30th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. Semtech Corp. had a net margin of 5.55% and a return on equity of 8.89%. The company earned $137.20 million during the quarter, compared to the consensus estimate of $138.50 million. During the same period in the previous year, the firm earned $0.19 earnings per share. Semtech Corp.’s revenue for the quarter was up 21.7% on a year-over-year basis. On average, equities analysts anticipate that Semtech Corp. will post $1.34 earnings per share for the current year.
Several research firms have issued reports on SMTC. B. Riley reiterated a buy rating and set a $35.00 price objective on shares of Semtech Corp. in a research note on Sunday, September 4th. Oppenheimer Holdings Inc. restated a market perform rating on shares of Semtech Corp. in a research note on Monday, September 5th. Drexel Hamilton restated a buy rating and issued a $32.00 target price on shares of Semtech Corp. in a research note on Saturday, October 8th. Finally, Zacks Investment Research downgraded shares of Semtech Corp. from a buy rating to a hold rating in a research note on Wednesday, August 3rd. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $27.33.
In other Semtech Corp. news, VP Mark C. Costello sold 3,042 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $27.47, for a total transaction of $83,563.74. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Rockell N. Hankin sold 6,795 shares of the stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $27.73, for a total transaction of $188,425.35. Following the sale, the director now directly owns 166,735 shares in the company, valued at $4,623,561.55. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.
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Several hedge funds have recently modified their holdings of SMTC. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Semtech Corp. by 152.1% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 23,214 shares of the company’s stock worth $643,000 after buying an additional 14,004 shares during the period. Credit Suisse AG boosted its stake in shares of Semtech Corp. by 44.9% in the third quarter. Credit Suisse AG now owns 124,908 shares of the company’s stock worth $3,464,000 after buying an additional 38,695 shares during the period. Verition Fund Management LLC acquired a new stake in shares of Semtech Corp. during the third quarter worth $248,000. Panagora Asset Management Inc. boosted its stake in shares of Semtech Corp. by 7,084.7% in the third quarter. Panagora Asset Management Inc. now owns 8,909 shares of the company’s stock worth $247,000 after buying an additional 8,785 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Semtech Corp. during the third quarter worth $1,208,000. 95.36% of the stock is currently owned by institutional investors.
Semtech Corp. Company Profile
Semtech Corporation is a supplier of analog and mixed-signal semiconductor products. The Company’s product lines include Signal Integrity, Protection, Wireless and Sensing, and Power and High-Reliability. It designs, develops and markets a portfolio of optical communications, broadcast video, surveillance video, active cable transceiver and backplane products used in enterprise computing, industrial, communications and consumer applications.
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