Microchip Technology (NASDAQ:MCHP – Get Free Report) had its price objective dropped by stock analysts at Needham & Company LLC from $120.00 to $85.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC‘s price objective indicates a potential upside of 31.07% from the stock’s current price.
MCHP has been the topic of several other research reports. Cantor Fitzgerald dropped their target price on Microchip Technology from $125.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday. UBS Group reissued a “buy” rating and issued a $120.00 price target (down from $130.00) on shares of Microchip Technology in a research report on Friday, August 7th. TD Cowen decreased their price objective on Microchip Technology from $90.00 to $75.00 and set a “hold” rating for the company in a research note on Monday, October 19th. BMO Capital Markets initiated coverage on Microchip Technology in a research report on Friday, August 21st. They set an “outperform” rating and a $95.00 price objective on the stock. Finally, Zacks Research lowered Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $94.62.
View Our Latest Research Report on Microchip Technology
Microchip Technology Price Performance
NASDAQ MCHP opened at $64.85 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. The firm’s 50 day moving average price is $75.19 and its 200-day moving average price is $79.48. Microchip Technology has a 52-week low of $48.52 and a 52-week high of $105.91. The company has a market cap of $35.21 billion, a PE ratio of 96.79, a P/E/G ratio of 0.52 and a beta of 1.84.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The semiconductor company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.03. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.61 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. Microchip Technology’s revenue was up 42.2% compared to the same quarter last year. During the same period last year, the company posted $0.35 earnings per share. Sell-side analysts forecast that Microchip Technology will post 3.20 EPS for the current fiscal year.
Insider Transactions at Microchip Technology
In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of Microchip Technology stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total value of $309,715.84. Following the transaction, the chief financial officer directly owned 28,573 shares of the company’s stock, valued at approximately $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.79% of the company’s stock.
Institutional Trading of Microchip Technology
Institutional investors have recently made changes to their positions in the business. Eurizon Capital SGR S.p.A. raised its stake in Microchip Technology by 7.3% in the third quarter. Eurizon Capital SGR S.p.A. now owns 74,504 shares of the semiconductor company’s stock valued at $5,797,000 after buying an additional 5,057 shares during the last quarter. Gagnon Securities LLC boosted its holdings in Microchip Technology by 1.3% in the third quarter. Gagnon Securities LLC now owns 26,577 shares of the semiconductor company’s stock worth $2,067,000 after acquiring an additional 348 shares in the last quarter. Jacobi Capital Management LLC acquired a new stake in Microchip Technology in the third quarter worth about $103,000. First Command Advisory Services Inc. grew its stake in shares of Microchip Technology by 413.5% during the third quarter. First Command Advisory Services Inc. now owns 4,688 shares of the semiconductor company’s stock worth $365,000 after acquiring an additional 3,775 shares during the last quarter. Finally, Bahl & Gaynor LLC grew its stake in shares of Microchip Technology by 35.6% during the third quarter. Bahl & Gaynor LLC now owns 16,160 shares of the semiconductor company’s stock worth $1,257,000 after acquiring an additional 4,240 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.
Microchip Technology News Roundup
Here are the key news stories impacting Microchip Technology this week:
- Positive Sentiment: For the quarter ended September 30, Microchip reported $0.97 per share versus analysts’ $0.94 estimate, and revenue of $1.62 billion versus $1.61 billion expected. EPS was up from $0.35 a year earlier, marking a sixth consecutive earnings beat. Article: Microchip Technology Q2 Earnings and Revenues Top Estimates
- Negative Sentiment: The company forecast December-quarter revenue ranging from a 3% decline to 1% growth, with non-GAAP EPS of $0.87–$0.95. Reports characterized the guidance as below consensus, tempering the positive impact of the quarterly beat and pointing to limited near-term momentum. Article: Microchip December-Quarter Outlook
About Microchip Technology
Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.
Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.
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