Microchip Technology (NASDAQ:MCHP) had its price objective upped by Cowen from $89.00 to $105.00 in a research report released on Wednesday, Briefing.com Automated Import reports. They currently have a market perform rating on the semiconductor company’s stock.
A number of other research firms have also commented on MCHP. Piper Jaffray Companies reiterated a buy rating on shares of Microchip Technology in a research note on Friday, October 25th. Zacks Investment Research upgraded Microchip Technology from a sell rating to a buy rating and set a $113.00 price objective on the stock in a research note on Tuesday. SunTrust Banks lifted their price objective on Microchip Technology from $113.00 to $119.00 and gave the stock a positive rating in a research note on Tuesday. Wells Fargo & Co reiterated a buy rating and issued a $120.00 price objective (up from $115.00) on shares of Microchip Technology in a research note on Tuesday. Finally, Rosenblatt Securities restated a buy rating and set a $115.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $110.88.
Shares of Microchip Technology stock traded up $0.51 during trading on Wednesday, reaching $110.83. The company’s stock had a trading volume of 3,131,219 shares, compared to its average volume of 2,461,125. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.60 and a current ratio of 0.90. The business’s fifty day moving average price is $101.28 and its 200-day moving average price is $94.06. The firm has a market cap of $26.36 billion, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 1.91 and a beta of 1.43. Microchip Technology has a one year low of $73.25 and a one year high of $111.15.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.13. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Microchip Technology had a return on equity of 25.60% and a net margin of 7.15%. The firm’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.81 earnings per share. Sell-side analysts anticipate that Microchip Technology will post 4.89 EPS for the current year.
In other Microchip Technology news, VP Richard J. Simoncic sold 3,536 shares of Microchip Technology stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total transaction of $322,306.40. Following the sale, the vice president now directly owns 18,452 shares of the company’s stock, valued at $1,681,899.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,958 shares of Microchip Technology stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $91.15, for a total value of $178,471.70. The disclosure for this sale can be found here. Insiders own 2.21% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. Point72 Asset Management L.P. boosted its holdings in Microchip Technology by 210.2% during the third quarter. Point72 Asset Management L.P. now owns 1,397,468 shares of the semiconductor company’s stock valued at $129,839,000 after purchasing an additional 946,967 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in Microchip Technology during the second quarter valued at approximately $77,989,000. Vanguard Group Inc. boosted its holdings in Microchip Technology by 1.5% during the second 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 in the last quarter. Platinum Investment Management Ltd. boosted its holdings in Microchip Technology by 16.7% during the second 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 in the last quarter. Finally, California Public Employees Retirement System boosted its holdings in Microchip Technology by 67.4% during the third quarter. California Public Employees Retirement System now owns 558,332 shares of the semiconductor company’s stock valued at $51,875,000 after purchasing an additional 224,821 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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