Semtech (NASDAQ:SMTC) Posts Earnings Results

Semtech (NASDAQ:SMTC) posted its quarterly earnings results on Wednesday. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.09, MarketWatch Earnings reports. The business had revenue of $238.37 million during the quarter, compared to analysts’ expectations of $237.37 million. Semtech had a negative net margin of 53.62% and a positive return on equity of 2.56%. The business’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the company posted $0.71 earnings per share. Semtech updated its Q3 guidance to $(0.22)-(0.09) EPS and its Q3 2024 guidance to -$0.22–$0.09 EPS.

Semtech Stock Performance

NASDAQ:SMTC opened at $25.18 on Friday. The company has a debt-to-equity ratio of 1.82, a current ratio of 2.14 and a quick ratio of 1.46. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -3.67 and a beta of 1.70. The company’s 50-day moving average is $26.48 and its two-hundred day moving average is $24.92. Semtech has a 1-year low of $17.82 and a 1-year high of $35.18.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently bought and sold shares of SMTC. Neo Ivy Capital Management acquired a new position in Semtech in the 2nd quarter valued at about $41,000. Quarry LP acquired a new position in Semtech in the 1st quarter valued at about $49,000. Captrust Financial Advisors boosted its holdings in Semtech by 186.5% in the 1st quarter. Captrust Financial Advisors now owns 1,020 shares of the semiconductor company’s stock valued at $71,000 after purchasing an additional 664 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Semtech in the 1st quarter valued at about $84,000. Finally, Covestor Ltd boosted its holdings in Semtech by 123.9% in the 1st 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 last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SMTC shares. B. Riley cut their price objective on shares of Semtech from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. StockNews.com started coverage on shares of Semtech in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. Susquehanna raised shares of Semtech from a “neutral” rating to a “positive” rating and set a $30.00 price objective for the company in a report on Thursday. Summit Insights raised shares of Semtech from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Benchmark cut shares of Semtech from a “buy” rating to a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus 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.