Microchip Technology Inc. (NASDAQ:MCHP) has received an average rating of “Buy” from the sixteen research firms that are currently covering the firm. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $60.21.

Several brokerages have commented on MCHP. Mizuho began coverage on shares of Microchip Technology in a report on Friday, September 30th. They issued a “neutral” rating and a $67.00 price target for the company. B. Riley reissued a “buy” rating and issued a $74.00 price target on shares of Microchip Technology in a report on Sunday, August 14th. Needham & Company LLC raised their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Credit Suisse Group AG reissued a “buy” rating and issued a $67.00 price target on shares of Microchip Technology in a report on Tuesday, August 9th. Finally, Jefferies Group raised their price target on shares of Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, August 9th.

Microchip Technology (NASDAQ:MCHP) traded up 1.156% during mid-day trading on Friday, reaching $59.085. The company had a trading volume of 1,260,033 shares. Microchip Technology has a 12-month low of $39.01 and a 12-month high of $63.11. The firm has a market capitalization of $12.72 billion, a price-to-earnings ratio of 159.259 and a beta of 1.11. The firm has a 50-day moving average price of $60.98 and a 200 day moving average price of $54.26.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, August 8th. The company reported $0.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.10. The company earned $799.40 million during the quarter, compared to the consensus estimate of $821.41 million. Microchip Technology had a net margin of 3.28% and a return on equity of 24.87%. Microchip Technology’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same period last year, the firm earned $0.69 EPS. Analysts expect that Microchip Technology will post $3.41 EPS for the current year.

In other news, CEO Steve Sanghi sold 60,129 shares of Microchip Technology stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $60.58, for a total transaction of $3,642,614.82. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Richard J. Simoncic sold 20,000 shares of Microchip Technology stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total transaction of $1,209,400.00. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in MCHP. Canandaigua National Bank & Trust Co. raised its stake in shares of Microchip Technology by 0.4% in the third quarter. Canandaigua National Bank & Trust Co. now owns 11,400 shares of the company’s stock worth $708,000 after buying an additional 45 shares during the last quarter. Gerstein Fisher raised its stake in shares of Microchip Technology by 0.5% in the second quarter. Gerstein Fisher now owns 11,636 shares of the company’s stock worth $591,000 after buying an additional 58 shares during the last quarter. Whittier Trust Co. raised its stake in shares of Microchip Technology by 1.0% in the second quarter. Whittier Trust Co. now owns 7,148 shares of the company’s stock worth $363,000 after buying an additional 73 shares during the last quarter. Capital Investment Advisors LLC raised its stake in shares of Microchip Technology by 1.1% in the second quarter. Capital Investment Advisors LLC now owns 7,745 shares of the company’s stock worth $393,000 after buying an additional 81 shares during the last quarter. Finally, Torch Wealth Management LLC raised its stake in shares of Microchip Technology by 0.4% in the second quarter. Torch Wealth Management LLC now owns 25,550 shares of the company’s stock worth $1,297,000 after buying an additional 100 shares during the last quarter.

Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

5 Day Chart for NASDAQ:MCHP

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