Microchip Technology (NASDAQ:MCHP) Sets New 52-Week High on Analyst Upgrade

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) reached a new 52-week high during mid-day trading on Thursday after Needham & Company LLC raised their price target on the stock from $130.00 to $200.00. Needham & Company LLC currently has a buy rating on the stock. Microchip Technology traded as high as $153.32 and last traded at $153.09, with a volume of 16165 shares. The stock had previously closed at $150.70.

A number of other research analysts have also recently commented on MCHP. The Goldman Sachs Group upped their price objective on Microchip Technology from $133.00 to $154.00 and gave the company a “buy” rating in a report on Monday, December 14th. BMO Capital Markets lifted their target price on shares of Microchip Technology from $118.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, November 6th. Zacks Investment Research lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and set a $130.00 target price on the stock. in a report on Thursday, November 12th. Raymond James lifted their target price on shares of Microchip Technology from $125.00 to $140.00 and gave the company a “strong-buy” rating in a report on Friday, November 6th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and lifted their target price for the company from $128.00 to $134.00 in a report on Friday, November 6th. Six research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Microchip Technology currently has an average rating of “Buy” and a consensus target price of $132.84.

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,533 shares of the stock in a transaction on Monday, November 23rd. The shares were sold at an average price of $130.70, for a total value of $200,363.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard J. Simoncic sold 2,269 shares of the stock in a transaction on Monday, November 23rd. The shares were sold at an average price of $130.70, for a total transaction of $296,558.30. Following the completion of the sale, the vice president now directly owns 16,885 shares of the company’s stock, valued at $2,206,869.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,206 shares of company stock valued at $928,698. Insiders own 2.15% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC raised its position in Microchip Technology by 3.8% in the 3rd quarter. IHT Wealth Management LLC now owns 2,314 shares of the semiconductor company’s stock valued at $238,000 after buying an additional 85 shares during the last quarter. California State Teachers Retirement System boosted its position in Microchip Technology by 5.3% in the third quarter. California State Teachers Retirement System now owns 443,968 shares of the semiconductor company’s stock valued at $45,622,000 after buying an additional 22,379 shares in the last quarter. Empirical Finance LLC acquired a new stake in Microchip Technology in the third quarter valued at approximately $211,000. AQR Capital Management LLC boosted its position in Microchip Technology by 244.1% in the third quarter. AQR Capital Management LLC now owns 45,915 shares of the semiconductor company’s stock valued at $4,718,000 after buying an additional 32,571 shares in the last quarter. Finally, Norinchukin Bank The boosted its position in Microchip Technology by 6.0% in the third quarter. Norinchukin Bank The now owns 22,466 shares of the semiconductor company’s stock valued at $2,309,000 after buying an additional 1,275 shares in the last quarter. Institutional investors own 91.02% of the company’s stock.

The company has a market cap of $40.02 billion, a price-to-earnings ratio of 64.40, a price-to-earnings-growth ratio of 1.59 and a beta of 1.70. The business’s fifty day moving average price is $139.68 and its 200 day moving average price is $116.12. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.07 and a quick ratio of 0.74.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, November 5th. The semiconductor company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The business had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Microchip Technology had a net margin of 11.62% and a return on equity of 25.02%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.43 earnings per share. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 5.68 EPS for the current year.

Microchip Technology Company Profile (NASDAQ:MCHP)

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive, industrial, computing, communication, lighting, power supplies, motor control, human machine interface, security, and wired and wireless connectivity applications.

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