Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by research analysts at Jefferies Group LLC in a research note issued to investors on Thursday, October 19th. They currently have a $106.00 target price on the semiconductor company’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 11.91% from the company’s previous close. Jefferies Group also issued estimates for Microchip Technology’s Q3 2018 earnings at $1.24 EPS.
MCHP has been the topic of several other research reports. SunTrust Banks, Inc. reaffirmed a “hold” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Thursday, October 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a $94.00 price target on shares of Microchip Technology in a report on Wednesday, September 20th. Argus initiated coverage on Microchip Technology in a report on Friday, October 6th. They issued a “buy” rating and a $106.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $120.00 price target (up previously from $100.00) on shares of Microchip Technology in a report on Friday, August 4th. Finally, BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Seven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $91.59.
Shares of Microchip Technology (NASDAQ:MCHP) opened at 94.72 on Thursday. The company has a market cap of $22.04 billion, a price-to-earnings ratio of 51.03 and a beta of 1.07. Microchip Technology has a one year low of $59.38 and a one year high of $94.81. The firm has a 50-day moving average of $90.29 and a 200 day moving average of $82.90.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter last year, the firm posted $0.84 EPS. The company’s 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 year.
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In other news, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,829 shares of company stock worth $561,905. 2.13% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. Grove Bank & Trust grew its position in shares of Microchip Technology by 15.8% in the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after buying an additional 190 shares during the last quarter. Trust Co. of Vermont grew its position in shares of Microchip Technology by 9.2% in the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after buying an additional 136 shares during the last quarter. Smithfield Trust Co. grew its position in shares of Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Microchip Technology by 608.4% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after purchasing an additional 1,807 shares during the period. Finally, Commonwealth Bank of Australia lifted its stake in shares of Microchip Technology by 1.4% in 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 during the period.
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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