Microchip Technology (NASDAQ:MCHP) had its target price upped by Wells Fargo & Co from $105.00 to $115.00 in a report published on Monday morning, The Fly reports. They currently have an outperform rating on the semiconductor company’s stock. The analysts noted that the move was a valuation call.
MCHP has been the topic of a number of other reports. BidaskClub upgraded Xilinx from a hold rating to a buy rating in a research note on Wednesday, July 24th. Zacks Investment Research downgraded Hallmark Financial Services from a buy rating to a hold rating in a research note on Thursday, July 25th. BMO Capital Markets lifted their price target on goeasy from C$55.00 to C$60.00 in a research note on Thursday, May 9th. Mizuho lifted their price target on Microchip Technology from $95.00 to $100.00 and gave the company a buy rating in a research note on Thursday, May 9th. Finally, Rosenblatt Securities assumed coverage on FOX in a research note on Monday, May 6th. They issued a sell rating and a $33.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $103.89.
Microchip Technology stock opened at $96.67 on Monday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology has a 1-year low of $60.70 and a 1-year high of $101.35. The stock has a market capitalization of $23.35 billion, a P/E ratio of 15.90, a PEG ratio of 1.32 and a beta of 1.42. The company has a 50 day simple moving average of $89.37.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the business earned $1.40 earnings per share. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. Research analysts expect that Microchip Technology will post 5.56 EPS for the current fiscal year.
In other news, VP James Eric Bjornholt sold 2,188 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.21% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its holdings in shares of Microchip Technology by 2.4% in the second quarter. Janney Montgomery Scott LLC now owns 36,484 shares of the semiconductor company’s stock worth $3,163,000 after acquiring an additional 869 shares during the last quarter. Highland Capital Management LLC acquired a new position in shares of Microchip Technology in the second quarter worth $1,829,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Microchip Technology by 2.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 895,642 shares of the semiconductor company’s stock worth $77,652,000 after acquiring an additional 21,210 shares during the last quarter. Advisor Partners LLC raised its holdings in shares of Microchip Technology by 1.4% in the second quarter. Advisor Partners LLC now owns 8,055 shares of the semiconductor company’s stock worth $698,000 after acquiring an additional 115 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Microchip Technology by 5.3% in the second quarter. Steward Partners Investment Advisory LLC now owns 69,593 shares of the semiconductor company’s stock worth $6,033,000 after acquiring an additional 3,531 shares during 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.
Featured Story: Short Selling
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.