Microchip Technology (NASDAQ:MCHP) Updates Q1 Earnings Guidance

Microchip Technology (NASDAQ:MCHP) updated its first quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.48-0.56 for the period, compared to the consensus earnings per share estimate of $0.58. The company issued revenue guidance of $1.22-1.26 billion, compared to the consensus revenue estimate of $1.33 billion.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Needham & Company LLC increased their target price on Microchip Technology from $85.00 to $90.00 and gave the company a buy rating in a research report on Friday, February 2nd. TD Cowen raised their price objective on Microchip Technology from $75.00 to $80.00 and gave the stock a market perform rating in a research report on Friday, February 2nd. The Goldman Sachs Group lowered their price objective on Microchip Technology from $87.00 to $77.00 and set a neutral rating for the company in a research report on Friday, February 2nd. Truist Financial lowered their price objective on Microchip Technology from $97.00 to $93.00 and set a buy rating for the company in a research report on Tuesday, January 9th. Finally, Wolfe Research upgraded Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 price objective for the company in a research report on Thursday, January 18th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $92.75.

Microchip Technology Stock Up 2.6 %

Microchip Technology stock traded up $2.40 during mid-day trading on Monday, reaching $93.76. The stock had a trading volume of 6,986,486 shares, compared to its average volume of 5,597,373. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $94.63. The stock’s 50-day simple moving average is $88.05 and its 200-day simple moving average is $85.13. The firm has a market capitalization of $50.67 billion, a PE ratio of 21.35, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the firm posted $1.48 earnings per share. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, sell-side analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.