Microchip Technology (MCHP) Price Target Lowered to $100.00 at B. Riley

Microchip Technology (NASDAQ:MCHP) had its price objective decreased by stock analysts at B. Riley from $105.00 to $100.00 in a report released on Thursday. The firm presently has a “buy” rating on the semiconductor company’s stock. B. Riley’s target price points to a potential upside of 34.30% from the stock’s previous close.

Other analysts have also issued reports about the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $125.00 price target on shares of Microchip Technology in a research report on Sunday, August 12th. Nomura started coverage on shares of Microchip Technology in a research report on Wednesday, July 18th. They issued a “buy” rating and a $110.00 price objective on the stock. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Cfra reissued a “buy” rating and issued a $110.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 19th. Finally, Zacks Investment Research raised shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research report on Friday, October 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. Microchip Technology currently has an average rating of “Hold” and a consensus price target of $105.88.

NASDAQ MCHP traded up $4.16 on Thursday, hitting $74.46. 2,106,814 shares of the stock were exchanged, compared to its average volume of 4,948,862. The company has a current ratio of 1.32, a quick ratio of 0.80 and a debt-to-equity ratio of 1.96. Microchip Technology has a 52 week low of $60.70 and a 52 week high of $104.20. The firm has a market capitalization of $16.50 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.03. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the prior year, the firm posted $1.41 earnings per share. The company’s quarterly revenue was up 49.5% compared to the same quarter last year. On average, research analysts anticipate that Microchip Technology will post 6.36 EPS for the current fiscal year.

In other Microchip Technology news, COO Ganesh Moorthy purchased 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 14th. The shares were acquired at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,887 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $159,130.71. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Psagot Investment House Ltd. acquired a new position in shares of Microchip Technology in the second quarter valued at about $125,000. Canada Pension Plan Investment Board grew its stake in shares of Microchip Technology by 14,030.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after acquiring an additional 1,403 shares in the last quarter. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the third quarter valued at about $116,000. Spirit of America Management Corp NY grew its stake in shares of Microchip Technology by 95.2% in the third quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock valued at $162,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Prospera Financial Services Inc acquired a new position in shares of Microchip Technology in the second quarter valued at about $200,000.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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