Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “buy” rating restated by investment analysts at Jefferies Group LLC in a research report issued on Monday.
Other research analysts have also recently issued research reports about the company. B. Riley reaffirmed a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Monday, May 8th. Stifel Nicolaus raised their target price on Microchip Technology from $77.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, April 7th. Summit Redstone raised Microchip Technology from a “hold” rating to a “buy” rating and raised their target price for the company from $65.00 to $82.00 in a research note on Tuesday, April 4th. Citigroup Inc. set a $95.00 target price on Microchip Technology and gave the company a “buy” rating in a research note on Wednesday, May 10th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 target price (up previously from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Microchip Technology currently has a consensus rating of “Buy” and a consensus price target of $85.25.
Microchip Technology (NASDAQ MCHP) traded up 0.51% during mid-day trading on Monday, reaching $78.76. 1,767,306 shares of the company’s stock were exchanged. The company has a market capitalization of $18.07 billion, a P/E ratio of 111.72 and a beta of 1.05. Microchip Technology has a 52 week low of $50.77 and a 52 week high of $87.49. The company’s 50 day moving average price is $81.67 and its 200-day moving average price is $73.61.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, May 9th. The semiconductor company reported $1.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.10. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The business had revenue of $902.70 million during the quarter, compared to analysts’ expectations of $891.14 million. During the same quarter last year, the business posted $0.70 earnings per share. The company’s quarterly revenue was up 61.9% on a year-over-year basis. On average, equities research analysts expect that Microchip Technology will post $4.96 earnings per share for the current fiscal year.
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In other Microchip Technology news, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $201,527.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $319,072.46. Following the sale, the vice president now owns 14,263 shares of the company’s stock, valued at $1,145,176.27. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
Several large investors have recently bought and sold shares of MCHP. Janus Capital Management LLC increased its stake in Microchip Technology by 10.3% in the first quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock worth $526,103,000 after buying an additional 666,436 shares during the period. Waddell & Reed Financial Inc. increased its stake in Microchip Technology by 11.4% in the first quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock worth $464,095,000 after buying an additional 641,548 shares during the period. Vanguard Group Inc. increased its stake in Microchip Technology by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,579,936 shares of the semiconductor company’s stock worth $1,665,948,000 after buying an additional 563,501 shares during the period. Jennison Associates LLC increased its stake in Microchip Technology by 15,497.8% in the first quarter. Jennison Associates LLC now owns 543,270 shares of the semiconductor company’s stock worth $40,082,000 after buying an additional 539,787 shares during the period. Finally, Pictet Asset Management Ltd. increased its stake in Microchip Technology by 34.8% in the first quarter. Pictet Asset Management Ltd. now owns 1,466,741 shares of the semiconductor company’s stock worth $108,216,000 after buying an additional 378,272 shares during the period. 98.67% of the stock is owned by institutional investors.
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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