Microchip Technology Inc. (NASDAQ:MCHP) Receives $103.75 Consensus Price Target from Analysts

Microchip Technology Inc. (NASDAQ:MCHP) has earned a consensus rating of “Hold” from the twenty-two brokerages that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and twelve have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $102.44.

Several brokerages have recently issued reports on MCHP. B. Riley lifted their price target on Airgain from $19.00 to $22.00 and gave the company a “buy” rating in a report on Monday, May 6th. Zacks Investment Research upgraded Tecnoglass from a “hold” rating to a “buy” rating and set a $7.75 target price for the company in a report on Friday. Longbow Research began coverage on Microchip Technology in a report on Tuesday. They issued a “neutral” rating and a $87.93 target price for the company. BMO Capital Markets boosted their target price on goeasy from C$55.00 to C$60.00 in a report on Thursday, May 9th. Finally, Wells Fargo & Co restated a “buy” rating on shares of Allergan in a report on Tuesday, June 25th.

In related news, VP James Eric Bjornholt sold 2,188 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.13% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of MCHP. Clarfeld Financial Advisors LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $26,000. Morgan Dempsey Capital Management LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $28,000. Osborn Williams & Donohoe LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $31,000. Parkside Financial Bank & Trust lifted its holdings in shares of Microchip Technology by 65.3% during the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after buying an additional 171 shares during the last quarter. Finally, Gemmer Asset Management LLC lifted its holdings in shares of Microchip Technology by 186.5% during the first quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock worth $40,000 after buying an additional 317 shares during the last quarter.

Shares of Microchip Technology stock traded up $1.74 during trading on Friday, hitting $91.47. 82,571 shares of the stock traded hands, compared to its average volume of 2,286,186. The company has a market capitalization of $21.49 billion, a PE ratio of 15.02, a P/E/G ratio of 1.21 and a beta of 1.42. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.69. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $101.35. The business’s fifty day moving average is $84.71.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The firm’s revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.40 EPS. As a group, analysts forecast that Microchip Technology will post 5.53 earnings per share for the current fiscal year.

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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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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