Semtech (NASDAQ:SMTC) Issues Q1 Earnings Guidance

Semtech (NASDAQ:SMTC) updated its first quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.34-0.40 for the period, compared to the consensus earnings per share estimate of $0.34. The company issued revenue guidance of $245-255 million, compared to the consensus revenue estimate of $250.92 million.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Robert W. Baird reduced their price objective on Semtech from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Northland Securities raised their target price on shares of Semtech from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, December 10th. Benchmark increased their target price on Semtech from $56.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Susquehanna boosted their price target on Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. Finally, UBS Group assumed coverage on shares of Semtech in a research note on Friday, January 17th. They issued a “buy” rating and a $85.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Semtech Stock Down 3.4 %

Shares of SMTC stock traded down $1.14 during mid-day trading on Thursday, reaching $32.71. The company’s stock had a trading volume of 3,231,443 shares, compared to its average volume of 2,805,875. The company’s 50 day simple moving average is $52.84 and its 200-day simple moving average is $51.25. Semtech has a 12-month low of $21.56 and a 12-month high of $79.52. The firm has a market capitalization of $2.48 billion, a PE ratio of -2.51, a price-to-earnings-growth ratio of 2.12 and a beta of 1.69.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings data on Thursday, March 13th. The semiconductor company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $251.00 million for the quarter, compared to analyst estimates of $249.40 million. During the same quarter in the prior year, the firm earned ($0.06) EPS. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year. As a group, research analysts anticipate that Semtech will post -0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Semtech news, SVP Imran Sherazi sold 2,946 shares of Semtech stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $63.30, for a total transaction of $186,481.80. Following the sale, the senior vice president now directly owns 6,317 shares in the company, valued at $399,866.10. The trade was a 31.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Lin sold 10,890 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $34.68, for a total value of $377,665.20. Following the transaction, the chief financial officer now owns 11,625 shares of the company’s stock, valued at approximately $403,155. This trade represents a 48.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,637 shares of company stock worth $1,472,726 in the last 90 days. 0.60% of the stock is owned by company insiders.

About Semtech

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.