BidaskClub lowered shares of Microchip Technology Incorporated (NASDAQ:MCHP) from a strong-buy rating to a buy rating in a research report released on Wednesday.
Other equities analysts also recently issued reports about the company. B. Riley reaffirmed a buy rating and set a $90.00 price target on shares of Microchip Technology in a research report on Monday, May 8th. Stifel Nicolaus upped their price target on Microchip Technology from $77.00 to $83.00 and gave the stock a buy rating in a research report on Friday, April 7th. Summit Redstone raised Microchip Technology from a hold rating to a buy rating and upped their price target for the stock from $65.00 to $82.00 in a research report on Tuesday, April 4th. Needham & Company LLC reissued a buy rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Friday, March 10th. Finally, Citigroup Inc. set a $95.00 target price on Microchip Technology and gave the company a buy rating in a research report on Wednesday, May 10th. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $85.25.
Microchip Technology (NASDAQ:MCHP) traded up 0.24% on Wednesday, reaching $78.55. The company had a trading volume of 487,762 shares. The stock’s 50-day moving average is $81.67 and its 200-day moving average is $73.61. The company has a market capitalization of $18.02 billion, a P/E ratio of 111.42 and a beta of 1.05. Microchip Technology has a 52 week low of $50.77 and a 52 week high of $87.49.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.10. The company had revenue of $902.70 million during the quarter, compared to the consensus estimate of $891.14 million. Microchip Technology had a net margin of 4.83% and a return on equity of 31.64%. Microchip Technology’s revenue for the quarter was up 61.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 earnings per share. Equities research analysts forecast that Microchip Technology will post $4.96 EPS for the current fiscal year.
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In other Microchip Technology news, CFO James Eric Bjornholt sold 2,510 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the completion of the sale, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in MCHP. First Midwest Bank Trust Division increased its stake in shares of Microchip Technology by 2.7% in the first quarter. First Midwest Bank Trust Division now owns 5,287 shares of the semiconductor company’s stock worth $390,000 after buying an additional 137 shares in the last quarter. Franklin Street Advisors Inc. NC purchased a new stake in shares of Microchip Technology during the first quarter worth about $232,000. Glaxis Capital Management LLC purchased a new stake in shares of Microchip Technology during the first quarter worth about $9,940,000. Retirement Systems of Alabama increased its stake in shares of Microchip Technology by 2.2% in the first quarter. Retirement Systems of Alabama now owns 104,618 shares of the semiconductor company’s stock worth $7,719,000 after buying an additional 2,230 shares in the last quarter. Finally, UMB Bank N A MO purchased a new stake in shares of Microchip Technology during the first quarter worth about $228,000. Institutional investors and hedge funds own 98.67% of the company’s stock.
About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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