Microchip Technology Incorporated (NASDAQ:MCHP) has been assigned a consensus rating of “Buy” from the twenty-two brokerages that are currently covering the company, MarketBeat.com reports. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $90.94.
MCHP has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Friday, September 8th. BidaskClub upgraded shares of Microchip Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 19th. Jefferies Group LLC restated a “buy” rating on shares of Microchip Technology in a research note on Monday, July 10th. Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, Morgan Stanley restated an “overweight” rating and issued a $94.00 price target on shares of Microchip Technology in a research note on Wednesday, September 20th.
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In other news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock valued at $561,905 in the last quarter. 2.13% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Grove Bank & Trust increased its stake in Microchip Technology by 15.8% during the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after purchasing an additional 190 shares in the last quarter. Trust Co. of Vermont increased its stake in Microchip Technology by 9.2% during the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 136 shares in the last quarter. Smithfield Trust Co. increased its stake in Microchip Technology by 0.4% during the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7 shares in the last quarter. Commonwealth Bank of Australia increased its stake in Microchip Technology by 1.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 29 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in Microchip Technology during the 1st quarter valued at $173,000.
Microchip Technology (NASDAQ:MCHP) traded up 0.46% during trading on Wednesday, reaching $92.12. 1,662,692 shares of the company’s stock were exchanged. The firm has a market cap of $21.44 billion, a P/E ratio of 49.63 and a beta of 1.07. The stock’s 50 day moving average price is $88.98 and its 200 day moving average price is $81.87. Microchip Technology has a 52-week low of $58.42 and a 52-week high of $92.51.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same period last year, the company posted $0.84 EPS. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology will post $5.28 EPS for the current fiscal year.
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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