Microchip Technology Incorporated (MCHP) Given New $110.00 Price Target at Jefferies Group LLC
Microchip Technology Incorporated (NASDAQ:MCHP) had its price objective raised by investment analysts at Jefferies Group LLC from $106.00 to $110.00 in a research note issued on Tuesday. The firm currently has a “buy” rating on the semiconductor company’s stock. Jefferies Group LLC’s target price suggests a potential upside of 15.35% from the company’s current price.
MCHP has been the topic of several other research reports. Mizuho restated a “neutral” rating and issued a $84.00 price target (up previously from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. Morgan Stanley restated an “overweight” rating and issued a $94.00 price target on shares of Microchip Technology in a research note on Wednesday, September 20th. Needham & Company LLC upped their price target on Microchip Technology from $120.00 to $130.00 and gave the stock a “strong-buy” rating in a research note on Tuesday. ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. Finally, BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Seven analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $97.82.
Microchip Technology (MCHP) traded up $1.70 during mid-day trading on Tuesday, hitting $95.36. The company’s stock had a trading volume of 2,970,001 shares, compared to its average volume of 1,630,000. Microchip Technology has a 1 year low of $60.77 and a 1 year high of $95.92. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.12 and a quick ratio of 2.54. The stock has a market cap of $21,310.00, a P/E ratio of 22.04, a price-to-earnings-growth ratio of 2.38 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.94 EPS. research analysts forecast that Microchip Technology will post 4.93 earnings per share for the current year.
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In related news, Director Wade F. Meyercord sold 1,300 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total value of $109,135.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 3,076 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the transaction, the vice president now directly owns 14,263 shares in the company, valued at $1,167,997.07. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock worth $561,905 over the last ninety days. 2.13% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Grove Bank & Trust lifted its holdings in shares of Microchip Technology by 15.8% during the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares during the period. Trust Co. of Vermont lifted its holdings in shares of Microchip Technology by 9.2% during the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares during the period. Smithfield Trust Co. lifted its holdings in shares of Microchip Technology by 0.4% during the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares during the period. Commonwealth Bank of Australia lifted its holdings in shares of Microchip Technology by 1.4% during the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Microchip Technology by 608.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after buying an additional 1,807 shares during the period.
About Microchip Technology
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.
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