Microchip Technology (NASDAQ:MCHP) received a $130.00 target price from investment analysts at Piper Jaffray Companies in a report released on Thursday. The firm presently has a “buy” rating on the semiconductor company’s stock. Piper Jaffray Companies’ price target points to a potential upside of 80.23% from the company’s previous close.
MCHP has been the subject of a number of other reports. ValuEngine cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Rosenblatt Securities restated a “buy” rating and set a $125.00 target price on shares of Microchip Technology in a report on Sunday, August 12th. BidaskClub upgraded Microchip Technology from a “strong sell” rating to a “sell” rating in a report on Friday, November 2nd. KeyCorp lowered their target price on Microchip Technology from $116.00 to $111.00 and set an “overweight” rating for the company in a report on Friday, August 10th. Finally, Morgan Stanley lowered their target price on Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating for the company in a report on Wednesday, October 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company’s stock. Microchip Technology presently has an average rating of “Hold” and a consensus target price of $105.11.
NASDAQ MCHP opened at $72.13 on Thursday. The firm has a market cap of $16.56 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $104.20.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.03. Microchip Technology had a return on equity of 37.96% and a net margin of 0.59%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the business posted $1.41 EPS. Microchip Technology’s revenue for the quarter was up 49.5% on a year-over-year basis. As a group, equities analysts expect that Microchip Technology will post 6.36 earnings per share for the current year.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,887 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $159,130.71. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 3,998 shares of the stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following the completion of the sale, the vice president now directly owns 16,931 shares in the company, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Townsend & Associates Inc raised its position in shares of Microchip Technology by 6.1% during the 2nd quarter. Townsend & Associates Inc now owns 9,413 shares of the semiconductor company’s stock worth $856,000 after acquiring an additional 539 shares in the last quarter. Capital Analysts LLC raised its position in shares of Microchip Technology by 1.6% during the 2nd quarter. Capital Analysts LLC now owns 34,565 shares of the semiconductor company’s stock worth $3,144,000 after acquiring an additional 543 shares in the last quarter. Stephens Inc. AR raised its position in shares of Microchip Technology by 3.3% during the 2nd quarter. Stephens Inc. AR now owns 18,796 shares of the semiconductor company’s stock worth $1,710,000 after acquiring an additional 600 shares in the last quarter. Sigma Planning Corp raised its position in shares of Microchip Technology by 12.9% during the 2nd quarter. Sigma Planning Corp now owns 5,528 shares of the semiconductor company’s stock worth $503,000 after acquiring an additional 631 shares in the last quarter. Finally, CIBC World Markets Inc. raised its position in shares of Microchip Technology by 9.5% during the 2nd quarter. CIBC World Markets Inc. now owns 7,361 shares of the semiconductor company’s stock worth $669,000 after acquiring an additional 638 shares in the last quarter.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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