Piper Jaffray Companies reiterated their buy rating on shares of Microchip Technology (NASDAQ:MCHP) in a research note published on Friday, TipRanks reports. Piper Jaffray Companies also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.25 EPS, Q4 2020 earnings at $1.29 EPS, FY2020 earnings at $5.12 EPS, Q1 2021 earnings at $1.39 EPS, Q2 2021 earnings at $1.49 EPS, Q3 2021 earnings at $1.43 EPS, Q4 2021 earnings at $1.52 EPS and FY2021 earnings at $5.81 EPS.
MCHP has been the topic of several other reports. Wells Fargo & Co lifted their price target on shares of Microchip Technology from $105.00 to $115.00 and gave the stock an outperform rating in a report on Monday, July 29th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Microchip Technology from a hold rating to a sell rating and set a $105.00 price target on the stock. in a report on Thursday, July 25th. Longbow Research initiated coverage on shares of Microchip Technology in a report on Tuesday, July 9th. They issued a neutral rating and a $87.93 price target on the stock. Rosenblatt Securities reaffirmed a buy rating and issued a $115.00 price target on shares of Microchip Technology in a report on Wednesday, August 7th. Finally, Needham & Company LLC set a $100.00 price target on shares of Microchip Technology and gave the stock a buy rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $100.62.
NASDAQ MCHP opened at $95.59 on Friday. The firm’s fifty day simple moving average is $93.46 and its two-hundred day simple moving average is $90.20. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65. Microchip Technology has a 12-month low of $61.23 and a 12-month high of $101.35. The firm has a market capitalization of $22.42 billion, a P/E ratio of 15.72, a P/E/G ratio of 1.71 and a beta of 1.41.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.16. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the company earned $1.61 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, sell-side analysts predict that Microchip Technology will post 5.22 earnings per share for the current fiscal year.
In other Microchip Technology news, VP Richard J. Simoncic sold 3,437 shares of Microchip Technology stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $304,518.20. Following the completion of the transaction, the vice president now owns 18,178 shares of the company’s stock, valued at $1,610,570.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,937 shares of Microchip Technology stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Meeder Asset Management Inc. purchased a new stake in shares of Microchip Technology during the second quarter worth about $37,000. Spectrum Management Group Inc. grew its stake in Microchip Technology by 127.1% during the 2nd quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 253 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in Microchip Technology during the 2nd quarter valued at about $40,000. TCI Wealth Advisors Inc. grew its stake in Microchip Technology by 118.0% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 242 shares in the last quarter. Finally, Coastal Investment Advisors Inc. grew its stake in Microchip Technology by 74.9% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 215 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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