Microchip Technology (NASDAQ:MCHP – Get Rating) the target price was decreased by stock analysts at Wells Fargo & Company from $70.00 to $60.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company’s price target indicates a potential upside of 2.35% from the stock’s previous close.
Other equities analysts have also recently issued reports on the stock. Goldman Sachs Group downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and set a $79.00 target price on the stock. in a research note on Sunday, March 27th. Bank of America reduced their price objective on shares of Microchip Technology from $85.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. BMO Capital Markets reduced their price objective on shares of Microchip Technology from $95.00 to $85.00 in a research report on Tuesday, May 10th. Morgan Stanley reduced their price objective on shares of Microchip Technology from $85.00 to $81.00 and set an “overweight” rating on the stock in a research report on Friday, June 10th. Finally, Needham & Company LLC decreased their price objective on shares of Microchip Technology to $75.00 in a research report on Tuesday, July 5th. Four research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.20, according to MarketBeat.com .
Shares of MCHP stock opened at $58.62 on Monday. The firm’s 50-day moving average is $64.47 and its 200-day moving average is $70.92. The company has a debt-to-equity ratio of 1.30, a quick earnings ratio of 1.14 and a current ratio of 1.75. Microchip Technology has a one year low of $54.33 and a one year high of $90.00. The firm has a market cap of $32.50 billion, a P/E ratio of 25.88, a P/E/G ratio of 0.93 and a beta of 1.60.
Microchip Technology (NASDAQ:MCHP – Get Rating ) last posted its quarterly earnings data on Monday, May 9th. The semiconductor company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.17 by $0.09. Microchip Technology had a net margin of 18.85% and a return on equity of 41.89%. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ estimates of $1.82 billion. During the same period in the previous year, the business reported $0.82 EPS. The business’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, analysts forecast that Microchip Technology will post 5.14 EPS for the current fiscal year.
In other Microchip Technology news, VP Mitchell R. Little sold 1,970 shares of the firm’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $66.29, for a total transaction of $130,591.30. Following the completion of the transaction, the vice president now directly owns 16,730 shares in the company, valued at approximately $1,109,031.70. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which is available via this hyperlink. Also, Director Carlton D. Johnson sold 594 shares of the firm’s stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $67.35, for a total transaction of $40,005.90. Disclosure of this sale can be found here. Insiders sold 9,564 shares of company stock valued at $637,217 in the last quarter. Company insiders own 2.03% of the company’s shares.
Large investors have been buying and selling stakes in the business lately. Emfo LLC boosted its holdings in Microchip Technology by 100.0% in the 4th quarter. Emfo LLC now owns 290 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 145 shares during the last quarter. Catalyst Capital Advisors LLC boosted its holdings in Microchip Technology by 83.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 303 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 138 shares during the last quarter. Riverview Trust Co purchased a new position in Microchip Technology in the first quarter worth about $26,000. TCI Wealth Advisors Inc. grew its holdings in Microchip Technology by 142.1% in the 4th quarter. TCI Wealth Advisors Inc. now owns 305 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 179 shares during the last quarter. Finally, AdvisorNet Financial Inc boosted its holdings in shares of Microchip Technology by 1,083.3% in the first quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 325 shares in the last quarter. Hedge funds and other institutional investors own 89.36% of the company’s shares.
About Microchip Technology (Get Rating)
Microchip Technology Incorporated develops, manufactures and markets intelligent, connected and secure embedded control solutions in the Americas, Europe and Asia. The company offers 8-bit, 16-bit, and 32-bit general-purpose microcontrollers; 32-bit Embedded Microprocessor Markets; and specialized microcontrollers for automotive, industrial, computer, communications, lighting, power supplies, motor control, human-machine interface, security, wired connectivity, and wireless connectivity applications.
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