Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “hold” rating reissued by analysts at SunTrust Banks, Inc. in a research report issued to clients and investors on Thursday. They presently have a $90.00 price target on the semiconductor company’s stock. SunTrust Banks, Inc.’s price target would suggest a potential downside of 2.10% from the stock’s previous close.
Other research analysts also recently issued reports about the company. B. Riley reissued a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a research note on Wednesday, August 9th. BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Jefferies Group LLC reissued a “buy” rating on shares of Microchip Technology in a research note on Monday, July 10th. Credit Suisse Group reissued a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $120.00 price objective (up from $100.00) on shares of Microchip Technology in a research note on Friday, August 4th. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $90.88.
Microchip Technology (NASDAQ:MCHP) traded down 0.17% during trading on Thursday, reaching $91.77. The company’s stock had a trading volume of 940,435 shares. The stock’s 50-day moving average is $88.28 and its 200 day moving average is $81.55. Microchip Technology has a 52-week low of $57.52 and a 52-week high of $92.40. The firm has a market capitalization of $21.36 billion, a price-to-earnings ratio of 49.45 and a beta of 1.07.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Zacks’ 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 business 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 business earned $0.84 EPS. The firm’s revenue was up 21.6% compared to the same quarter last year. On average, analysts predict that Microchip Technology will post $5.28 EPS for the current fiscal year.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,453 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 $200,876.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,829 shares of company stock worth $561,905. 2.13% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of MCHP. Grove Bank & Trust raised its position in Microchip Technology by 15.8% in 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 during the last quarter. Trust Co. of Vermont raised its position in shares of Microchip Technology by 9.2% during the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after acquiring an additional 136 shares during the last quarter. Smithfield Trust Co. raised its position in shares of Microchip Technology by 0.4% during the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after acquiring an additional 7 shares during the last quarter. Commonwealth Bank of Australia raised its position in shares of Microchip Technology by 1.4% during the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after acquiring an additional 29 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter worth $173,000.
Microchip Technology Company Profile
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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