Needham & Company LLC Reiterates Buy Rating for Microchip Technology Incorporated (MCHP)
Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a note issued to investors on Tuesday. They currently have a $120.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 31.85% from the company’s previous close.
Other equities analysts also recently issued reports about the company. B. Riley reissued a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a research report on Sunday, June 11th. BidaskClub raised Microchip Technology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. Stifel Nicolaus upped their target price on Microchip Technology from $88.00 to $89.00 and gave the company a “buy” rating in a research report on Tuesday, June 6th. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 target price (up from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. Finally, Raymond James Financial, Inc. began coverage on Microchip Technology in a research report on Friday, June 16th. They issued an “outperform” rating and a $95.00 target price on the stock. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $88.80.
Microchip Technology (NASDAQ:MCHP) traded up 0.16% during mid-day trading on Tuesday, hitting $91.16. The company’s stock had a trading volume of 1,160,141 shares. The firm’s 50-day moving average is $84.53 and its 200-day moving average is $79.58. Microchip Technology has a 12-month low of $57.52 and a 12-month high of $91.83. The company has a market cap of $21.22 billion, a P/E ratio of 49.12 and a beta of 1.04.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. The business had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.84 earnings per share. Analysts predict that Microchip Technology will post $5.27 EPS for the current fiscal year.
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In other news, CFO James Eric Bjornholt sold 2,453 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wade F. Meyercord sold 1,300 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $83.95, for a total transaction of $109,135.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,829 shares of company stock worth $561,905 over the last ninety days. 2.13% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in shares of Microchip Technology by 66.5% during the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after acquiring an additional 2,507,707 shares in the last quarter. Nicolet Bankshares Inc. boosted its stake in shares of Microchip Technology by 0.3% during the 2nd quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock worth $281,000 after acquiring an additional 11 shares in the last quarter. Caxton Associates LP purchased a new stake in shares of Microchip Technology during the 1st quarter worth about $516,000. Prospera Financial Services Inc purchased a new stake in shares of Microchip Technology during the 2nd quarter worth about $389,000. Finally, Barometer Capital Management Inc. boosted its stake in shares of Microchip Technology by 14.2% during the 2nd quarter. Barometer Capital Management Inc. now owns 141,500 shares of the semiconductor company’s stock worth $10,921,000 after acquiring an additional 17,600 shares in the last quarter. 98.68% of the stock is currently owned by institutional investors and hedge funds.
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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