Microchip Technology (NASDAQ:MCHP) had its price objective hoisted by Morgan Stanley from $97.00 to $99.00 in a research note issued to investors on Wednesday. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s target price would indicate a potential upside of 15.83% from the stock’s previous close.

Several other research firms have also recently commented on MCHP. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $94.00 price target on shares of Microchip Technology in a research note on Thursday, September 28th. B. Riley reiterated a “buy” rating and issued a $123.00 price target (up previously from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, September 19th. Finally, Argus assumed coverage on Microchip Technology in a research note on Friday, October 6th. They issued a “buy” rating and a $106.00 price target on the stock. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Microchip Technology currently has a consensus rating of “Buy” and a consensus price target of $99.71.

Shares of Microchip Technology (NASDAQ MCHP) traded down $0.93 on Wednesday, hitting $85.47. The company’s stock had a trading volume of 1,981,600 shares, compared to its average volume of 2,512,039. The firm has a market capitalization of $20,209.43, a PE ratio of 18.31, a PEG ratio of 1.38 and a beta of 1.00. Microchip Technology has a 12 month low of $62.21 and a 12 month high of $95.92. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, topping the Zacks’ consensus estimate of $1.27 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The firm’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. analysts predict that Microchip Technology will post 5.12 EPS for the current year.

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Bank of Australia grew its holdings in shares of Microchip Technology by 1.4% during the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 29 shares during the last quarter. Girard Partners LTD. grew its holdings in shares of Microchip Technology by 0.9% during the second quarter. Girard Partners LTD. now owns 3,731 shares of the semiconductor company’s stock valued at $288,000 after purchasing an additional 33 shares during the last quarter. Meiji Yasuda Life Insurance Co grew its holdings in shares of Microchip Technology by 0.6% during the second quarter. Meiji Yasuda Life Insurance Co now owns 16,221 shares of the semiconductor company’s stock valued at $1,252,000 after purchasing an additional 100 shares during the last quarter. Keel Point LLC grew its holdings in shares of Microchip Technology by 3.3% during the second quarter. Keel Point LLC now owns 3,694 shares of the semiconductor company’s stock valued at $285,000 after purchasing an additional 119 shares during the last quarter. Finally, Global X Management Co. LLC grew its holdings in shares of Microchip Technology by 4.7% during the second quarter. Global X Management Co. LLC now owns 2,690 shares of the semiconductor company’s stock valued at $208,000 after purchasing an additional 120 shares during the last quarter.

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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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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