Brokerages forecast that Semtech Co. (NASDAQ:SMTC) will post sales of $173.19 million for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Semtech’s earnings, with the lowest sales estimate coming in at $171.98 million and the highest estimate coming in at $175.23 million. Semtech reported sales of $150.30 million in the same quarter last year, which would suggest a positive year over year growth rate of 15.2%. The business is expected to announce its next quarterly earnings report on Wednesday, December 5th.
According to Zacks, analysts expect that Semtech will report full year sales of $654.78 million for the current financial year, with estimates ranging from $640.53 million to $661.20 million. For the next financial year, analysts anticipate that the business will post sales of $724.61 million, with estimates ranging from $692.04 million to $756.40 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Semtech.
Semtech (NASDAQ:SMTC) last issued its earnings results on Wednesday, August 29th. The semiconductor company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. The business had revenue of $163.20 million for the quarter, compared to the consensus estimate of $161.21 million. Semtech had a net margin of 8.48% and a return on equity of 12.66%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.48 earnings per share.
SMTC has been the topic of a number of recent analyst reports. Piper Jaffray Companies boosted their target price on shares of Semtech from $57.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, September 10th. Stifel Nicolaus initiated coverage on shares of Semtech in a report on Friday, July 20th. They set a “buy” rating and a $60.00 target price on the stock. BidaskClub downgraded shares of Semtech from a “hold” rating to a “sell” rating in a report on Thursday, August 30th. ValuEngine downgraded shares of Semtech from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 24th. Finally, Needham & Company LLC downgraded shares of Semtech from a “buy” rating to a “hold” rating and set a $42.00 target price on the stock. in a report on Tuesday, September 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $59.55.
In other Semtech news, Director Rockell N. Hankin sold 2,928 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $57.30, for a total value of $167,774.40. Following the transaction, the director now directly owns 157,868 shares in the company, valued at $9,045,836.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Simon A. Brown sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $59.01, for a total transaction of $118,020.00. Following the completion of the transaction, the vice president now owns 17,193 shares in the company, valued at $1,014,558.93. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,886 shares of company stock worth $2,288,967. Corporate insiders own 2.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in SMTC. Russell Investments Group Ltd. grew its stake in shares of Semtech by 20.4% in the first quarter. Russell Investments Group Ltd. now owns 39,624 shares of the semiconductor company’s stock valued at $1,548,000 after acquiring an additional 6,707 shares in the last quarter. Guggenheim Capital LLC grew its stake in shares of Semtech by 44.7% in the first quarter. Guggenheim Capital LLC now owns 27,233 shares of the semiconductor company’s stock valued at $1,063,000 after acquiring an additional 8,410 shares in the last quarter. Millennium Management LLC grew its stake in shares of Semtech by 17.3% in the first quarter. Millennium Management LLC now owns 202,925 shares of the semiconductor company’s stock valued at $7,924,000 after acquiring an additional 29,876 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Semtech by 6.1% in the first quarter. Legal & General Group Plc now owns 139,725 shares of the semiconductor company’s stock valued at $5,437,000 after acquiring an additional 8,063 shares in the last quarter. Finally, Xact Kapitalforvaltning AB grew its stake in shares of Semtech by 36.6% in the first quarter. Xact Kapitalforvaltning AB now owns 8,588 shares of the semiconductor company’s stock valued at $335,000 after acquiring an additional 2,300 shares in the last quarter. Institutional investors and hedge funds own 96.77% of the company’s stock.
SMTC traded down $1.85 during trading on Wednesday, reaching $46.73. 381,205 shares of the stock were exchanged, compared to its average volume of 439,262. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 33.38, a PEG ratio of 6.25 and a beta of 1.68. Semtech has a twelve month low of $31.30 and a twelve month high of $60.55. The company has a current ratio of 4.13, a quick ratio of 3.62 and a debt-to-equity ratio of 0.29.
Semtech Company Profile
Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor products and advanced algorithms. The company provides signal integrity products, including a portfolio of optical data communications and video transport products used in various enterprise computing, industrial, communications, and high-end consumer applications; and a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications.
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