Microchip Technology Inc. (NASDAQ:MCHP) Receives $100.62 Average Target Price from Brokerages

Shares of Microchip Technology Inc. (NASDAQ:MCHP) have earned a consensus recommendation of “Hold” from the nineteen ratings firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $100.62.

Several equities analysts recently commented on the company. BidaskClub raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Zacks Investment Research lowered Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price target on the stock. in a research report on Thursday, July 25th. Needham & Company LLC set a $100.00 price target on Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, August 7th. ValuEngine downgraded Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, October 7th. Finally, Wells Fargo & Co lifted their price objective on 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.

In other news, VP Richard J. Simoncic sold 3,437 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $304,518.20. Following the completion of the sale, the vice president now directly owns 18,178 shares in the company, valued at approximately $1,610,570.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,937 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Microchip Technology by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 27,539,982 shares of the semiconductor company’s stock valued at $2,387,716,000 after purchasing an additional 395,287 shares during the period. Northern Trust Corp boosted its position in Microchip Technology by 2.6% during the 2nd quarter. Northern Trust Corp now owns 3,448,892 shares of the semiconductor company’s stock valued at $299,019,000 after purchasing an additional 86,402 shares during the period. Waddell & Reed Financial Inc. boosted its position in Microchip Technology by 1.8% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 2,925,064 shares of the semiconductor company’s stock valued at $253,603,000 after purchasing an additional 52,557 shares during the period. Winslow Capital Management LLC acquired a new position in Microchip Technology during the 2nd quarter valued at approximately $221,600,000. Finally, Platinum Investment Management Ltd. boosted its position in Microchip Technology by 16.7% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,062,349 shares of the semiconductor company’s stock valued at $178,806,000 after purchasing an additional 295,823 shares during the period.

Microchip Technology stock traded down $0.69 during midday trading on Friday, hitting $95.01. 1,253,605 shares of the company were exchanged, compared to its average volume of 1,890,975. The company’s fifty day moving average price is $91.92 and its 200-day moving average price is $89.98. The company has a market cap of $22.78 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 1.74 and a beta of 1.41. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.93 and a quick ratio of 0.63. Microchip Technology has a fifty-two week low of $60.70 and a fifty-two week high of $101.35.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.25 by $0.16. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 27.79% and a net margin of 6.79%. Microchip Technology’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.61 EPS. On average, analysts expect that Microchip Technology will post 5.24 EPS 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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