Jefferies Group LLC Reaffirms “Buy” Rating for Microchip Technology Incorporated (MCHP)

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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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