Microchip Technology Sets New 12-Month High at $49.94 (MCHP)
Microchip Technology (NASDAQ:MCHP)’s share price reached a new 52-week high on Tuesday , AnalystRatingsNetwork reports. The company traded as high as $49.94 and last traded at $49.93, with a volume of 960,368 shares changing hands. The stock had previously closed at $48.81.
A number of research firms have recently commented on MCHP. Analysts at Goldman Sachs downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $49.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Microchip Technology in a research note on Thursday, May 8th. They now have a $49.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Microchip Technology in a research note on Wednesday, May 7th. They now have a $45.00 price target on the stock, up previously from $42.00. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $50.30.
The stock has a 50-day moving average of $47.97 and a 200-day moving average of $46.35. The company has a market cap of $9.968 billion and a P/E ratio of 26.82.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.64 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.61 by $0.03. The company had revenue of $493.40 million for the quarter, compared to the consensus estimate of $490.00 million. During the same quarter in the prior year, the company posted $0.49 earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis. On average, analysts predict that Microchip Technology will post $2.77 earnings per share for the current fiscal year.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.
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