Microchip Technology Incorporated (MCHP) Given Consensus Recommendation of “Buy” by Analysts

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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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