Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reiterated by research analysts at Piper Sandler in a research note issued to investors on Monday, TipRanks reports. They currently have a $130.00 price objective on the semiconductor company’s stock. Piper Sandler’s price objective would suggest a potential upside of 23.45% from the company’s previous close.
MCHP has been the topic of a number of other research reports. Jefferies Financial Group boosted their target price on Microchip Technology from $101.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Susquehanna Bancshares reduced their price target on Microchip Technology from $130.00 to $115.00 and set a “positive” rating for the company in a research report on Thursday, April 9th. Bank of America reaffirmed a “buy” rating and issued a $105.00 price target on shares of Microchip Technology in a research report on Wednesday, March 11th. Wells Fargo & Co reduced their price target on Microchip Technology from $120.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Finally, Morgan Stanley boosted their price target on Microchip Technology from $81.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 16th. Seven research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $112.56.
Shares of NASDAQ MCHP opened at $105.31 on Monday. The business’s 50-day moving average price is $97.37 and its two-hundred day moving average price is $93.40. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.35 and a quick ratio of 0.94. Microchip Technology has a one year low of $53.15 and a one year high of $113.28. The company has a market capitalization of $24.57 billion, a P/E ratio of 47.44, a price-to-earnings-growth ratio of 1.30 and a beta of 1.61.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 7th. The semiconductor company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.11. Microchip Technology had a return on equity of 23.63% and a net margin of 10.82%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the company posted $1.48 earnings per share. The business’s quarterly revenue was down .2% compared to the same quarter last year. On average, equities analysts anticipate that Microchip Technology will post 5.3 EPS for the current year.
In related news, CFO James Eric Bjornholt sold 2,756 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $86.92, for a total transaction of $239,551.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Richard J. Simoncic sold 3,958 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $86.92, for a total value of $344,029.36. Following the transaction, the vice president now owns 19,213 shares in the company, valued at $1,669,993.96. The disclosure for this sale can be found here. Insiders have sold 26,336 shares of company stock worth $2,684,160 over the last 90 days. Corporate insiders own 2.21% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Microchip Technology by 141.0% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 121,108 shares of the semiconductor company’s stock valued at $8,211,000 after purchasing an additional 70,850 shares during the period. Tredje AP fonden bought a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $2,373,000. National Pension Service grew its stake in shares of Microchip Technology by 1.2% in the 1st quarter. National Pension Service now owns 363,675 shares of the semiconductor company’s stock valued at $24,657,000 after purchasing an additional 4,424 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Microchip Technology by 10.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 259,954 shares of the semiconductor company’s stock valued at $17,625,000 after purchasing an additional 24,792 shares during the period. Finally, Phoenix Holdings Ltd. bought a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $1,603,000.
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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