JPMorgan Chase & Co. Trims Microchip Technology (MCHP) Target Price to $113.00
Microchip Technology (NASDAQ:MCHP) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $125.00 to $113.00 in a report released on Friday. The firm presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.’s target price indicates a potential upside of 15.21% from the stock’s current price.
A number of other equities analysts also recently issued reports on the company. KeyCorp reiterated a “buy” rating and set a $111.00 price target (down previously from $116.00) on shares of Microchip Technology in a research report on Friday. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday. Zacks Investment Research downgraded Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Piper Jaffray Companies increased their price target on Microchip Technology from $110.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Finally, Nomura began coverage on Microchip Technology in a research report on Wednesday, July 18th. They set a “buy” rating and a $110.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Microchip Technology presently has an average rating of “Buy” and an average target price of $116.65.
Shares of Microchip Technology opened at $98.08 on Friday, Marketbeat reports. The company has a market cap of $22.90 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 1.12 and a beta of 1.13. The company has a current ratio of 1.66, a quick ratio of 1.43 and a debt-to-equity ratio of 0.54. Microchip Technology has a 12-month low of $78.33 and a 12-month high of $104.20.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,308 shares of the stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $215,913.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 4,696 shares of the stock in a transaction that occurred on Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the sale, the vice president now directly owns 19,711 shares of the company’s stock, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Psagot Investment House Ltd. acquired a new stake in shares of Microchip Technology in the second quarter valued at approximately $125,000. Canada Pension Plan Investment Board increased its holdings in shares of Microchip Technology by 14,030.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 1,403 shares during the last quarter. Signaturefd LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $131,000. Prospera Financial Services Inc acquired a new stake in shares of Microchip Technology in the second quarter valued at approximately $200,000. Finally, Hyman Charles D acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $201,000.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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