Semtech (NASDAQ:SMTC) Issues Q2 2023 Earnings Guidance

Semtech (NASDAQ:SMTC – Get Rating) updated its second quarter 2023 earnings guidance on Wednesday. The company provided EPS guidance of $0.80-$0.90 for the period, compared to the consensus EPS estimate of $0.83. The company issued revenue guidance of $203.00 million-$213.00 million, compared to the consensus revenue estimate of $210.23 million.

Several research analysts have weighed in on SMTC shares. Susquehanna Bancshares lowered their price target on Semtech from $75.00 to $72.00 and set a neutral rating on the stock in a research report on Wednesday, June 1st. StockNews.com assumed coverage on Semtech in a report on Thursday, March 31st. They set a strong-buy rating on the stock. B. Riley lowered Semtech from a buy rating to a neutral rating and decreased their target price for the stock from $87.00 to $65.00 in a report on Wednesday, June 15th. Cowen reduced their price target on Semtech to $85.00 in a research note on Friday, June 3rd. Finally, Stifel Nicolaus reduced their price target on Semtech from $102.00 to $95.00 in a research note on Thursday, March 17th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $78.40.

NASDAQ:SMTC traded down $3.00 on Friday, hitting $51.97. The stock had a trading volume of 425,359 shares, compared to its average volume of 441,752. The business’s fifty day moving average is $59.30 and its 200 day moving average is $67.86. The company has a market cap of $3.30 billion, a PE ratio of 24.17, a P/E/G ratio of 1.39 and a beta of 1.53. The company has a quick ratio of 3.52, a current ratio of 4.49 and a debt-to-equity ratio of 0.25. Semtech has a 52 week low of $51.21 and a 52 week high of $94.92.

Semtech (NASDAQ:SMTC – Get Rating) last issued its quarterly earnings data on Wednesday, June 1st. The semiconductor company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.76 by $0.04. The firm had revenue of $202.10 million during the quarter, compared to the consensus estimate of $199.98 million. Semtech had a return on equity of 20.24% and a net margin of 18.15%. The company’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.38 earnings per share. Equities analysts predict that Semtech will post 2.75 earnings per share for the current fiscal year.

In other news, EVP John Michael Wilson sold 9,000 shares of the company’s stock in a transaction dated Thursday, April 7th. The stock was sold at an average price of $62.28, for a total transaction of $560,520.00. Following the sale, the executive vice president now directly owns 16,385 shares in the company, valued at $1,020,457.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Asaf Silberstein sold 1,971 shares of the company’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $62.60, for a total value of $123,384.60. Following the sale, the executive vice president now owns 59,000 shares in the company, valued at $3,693,400. The disclosure for this sale can be found here. Insiders sold a total of 14,971 shares of company stock worth $959,065 over the last 90 days. 1.30% of the stock is currently owned by company insiders.

Several hedge funds have recently bought and sold shares of SMTC. Captrust Financial Advisors boosted its stake in 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 buying an additional 664 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Semtech in the first quarter worth approximately $84,000. Covestor Ltd boosted its stake in shares of 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 purchasing an additional 773 shares during the period. Bridgefront Capital LLC boosted its stake in shares of Semtech by 14.7% during the first quarter. Bridgefront Capital LLC now owns 2,944 shares of the semiconductor company’s stock valued at $204,000 after purchasing an additional 377 shares during the period. Finally, Zebra Capital Management LLC boosted its stake in shares of Semtech by 10.5% during the first quarter. Zebra Capital Management LLC now owns 3,456 shares of the semiconductor company’s stock valued at $240,000 after purchasing an additional 327 shares during the period. Institutional investors own 96.33% of the company’s stock.

About Semtech (Get Rating)

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.

Read More