Microchip Technology’s (MCHP) “Buy” Rating Reaffirmed at Cfra
Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reiterated by investment analysts at Cfra in a note issued to investors on Wednesday. They presently have a $110.00 price objective on the semiconductor company’s stock. Cfra’s price objective would suggest a potential upside of 35.18% from the company’s current price.
The analysts wrote, “Sales are likely to increase 48% in FY 19 (Mar.) and 11% in FY 20, reflecting the acquisition of 14% increase in FY 18. MCHP is gaining share within most microcontroller categories, driven by new product momentum. Orders are likely to trend upwards over time, but there is limited visibility given demand uncertainty in China.””
Other equities analysts have also recently issued research reports about the stock. BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Argus increased their price target on shares of Microchip Technology to $115.00 and gave the stock an “average” rating in a research report on Monday, June 25th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 price target on the stock in a research report on Wednesday, June 6th. Nomura reduced their price target on shares of Microchip Technology from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 10th. Finally, ValuEngine cut shares of Microchip Technology from a “sell” rating to a “strong sell” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology presently has an average rating of “Buy” and a consensus price target of $114.61.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter last year, the company posted $1.31 earnings per share. The company’s quarterly revenue was up 24.7% compared to the same quarter last year. research analysts forecast that Microchip Technology will post 6.51 EPS for the current year.
In other Microchip Technology news, VP Stephen V. Drehobl sold 3,998 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following the sale, the vice president now owns 16,931 shares in the company, valued at $1,427,791.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Ganesh Moorthy purchased 12,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.
Large investors have recently made changes to their positions in the business. 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 stake 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 period. Prospera Financial Services Inc acquired a new stake in shares of Microchip Technology in the second quarter valued at approximately $200,000. Homrich & Berg acquired a new stake in shares of Microchip Technology in the second quarter valued at approximately $202,000. Finally, Wrapmanager Inc. acquired a new stake in shares of Microchip Technology in the second quarter valued at approximately $206,000.
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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