Semtech (NASDAQ:SMTC) Issues Earnings Results, Beats Expectations By $0.01 EPS

Semtech (NASDAQ:SMTC) released its quarterly earnings results on Monday. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01, FiscalAI reports. Semtech had a net margin of 2.77% and a return on equity of 17.00%. The firm had revenue of $274.40 million for the quarter, compared to the consensus estimate of $273.14 million.

Semtech Price Performance

Semtech stock traded up $4.23 during trading hours on Monday, hitting $89.08. 2,003,489 shares of the stock were exchanged, compared to its average volume of 1,462,176. The stock has a market capitalization of $8.24 billion, a P/E ratio of 287.36 and a beta of 1.99. The business’s 50-day moving average is $83.68 and its two-hundred day moving average is $73.88. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.71 and a current ratio of 2.43. Semtech has a 12 month low of $24.05 and a 12 month high of $96.46.

Insider Activity at Semtech

In other news, insider John Michael Wilson sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $75.12, for a total transaction of $375,600.00. Following the transaction, the insider directly owned 60,066 shares in the company, valued at approximately $4,512,157.92. This represents a 7.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory Michael Fischer sold 1,034 shares of the stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $75.50, for a total transaction of $78,067.00. Following the sale, the director directly owned 2,857 shares in the company, valued at $215,703.50. This trade represents a 26.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 40,191 shares of company stock valued at $3,361,412. 0.48% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SMTC. Jones Financial Companies Lllp raised its position in shares of Semtech by 12,214.3% during the first quarter. Jones Financial Companies Lllp now owns 2,586 shares of the semiconductor company’s stock worth $89,000 after acquiring an additional 2,565 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Semtech by 11.5% during the first quarter. Empowered Funds LLC now owns 9,389 shares of the semiconductor company’s stock valued at $323,000 after acquiring an additional 968 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Semtech by 5.8% in 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 acquiring an additional 22,629 shares during the last quarter. Strs Ohio acquired a new stake in Semtech in the first quarter worth about $65,000. Finally, Cetera Investment Advisers acquired a new stake in Semtech in the second quarter worth about $226,000.

Analyst Ratings Changes

SMTC has been the subject of several recent research reports. Summit Insights raised Semtech from a “hold” rating to a “buy” rating in a report on Tuesday, November 25th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Semtech in a research report on Monday, December 29th. Oppenheimer restated an “outperform” rating and issued a $100.00 target price (up from $81.00) on shares of Semtech in a research note on Tuesday, March 10th. Morgan Stanley increased their price objective on Semtech from $75.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Stifel Nicolaus lifted their target price on shares of Semtech from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, January 16th. Fourteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Semtech currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.43.

About Semtech

Semtech Corporation is a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms. The company’s products address a broad range of applications in the Internet of Things (IoT), data center and telecom, industrial, home automation, automotive, and aerospace markets. Semtech’s portfolio includes power management, signal integrity, protection devices, wireless and sensing technologies that enable smarter, more connected systems worldwide.

A core offering from Semtech is its LoRa® technology, a low-power, long-range wireless communication platform that has become a de facto standard for global IoT deployments.