Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “buy” rating restated by Needham & Company LLC in a report released on Friday. They presently have a $120.00 price target on the semiconductor company’s stock. Needham & Company LLC’s target price points to a potential upside of 38.62% from the company’s current price.

A number of other analysts have also recently issued reports on the stock. B. Riley restated a “buy” rating and set a $120.00 target price on shares of Microchip Technology in a research note on Wednesday, August 9th. Mizuho restated a “neutral” rating and set a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $94.00 price objective (up previously from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $88.80.

Shares of Microchip Technology (NASDAQ MCHP) traded down 0.94% on Friday, hitting $86.57. 1,622,017 shares of the stock were exchanged. Microchip Technology has a one year low of $57.52 and a one year high of $88.00. The firm has a market capitalization of $20.15 billion, a PE ratio of 46.64 and a beta of 1.04. The company has a 50-day moving average price of $83.15 and a 200-day moving average price of $78.79.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. The company had revenue of $972.10 million during the quarter, compared to analysts’ expectations of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. Microchip Technology’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.84 EPS. Equities research analysts expect that Microchip Technology will post $5.27 earnings per share for the current year.

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In other news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock valued at $561,905 over the last 90 days. Corporate insiders own 2.13% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Smithfield Trust Co. grew its holdings in shares of Microchip Technology by 0.4% during the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7 shares during the last quarter. Keel Point LLC grew its holdings in shares of Microchip Technology by 0.3% during the 1st quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock valued at $264,000 after purchasing an additional 11 shares during the last quarter. Nicolet Bankshares Inc. grew its holdings in shares of Microchip Technology by 0.3% during the 2nd quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after purchasing an additional 11 shares during the last quarter. Mission Wealth Management LLC grew its holdings in shares of Microchip Technology by 0.7% during the 1st quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock valued at $267,000 after purchasing an additional 26 shares during the last quarter. Finally, Commonwealth Bank of Australia grew its holdings in shares of Microchip Technology by 1.4% during the 2nd 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. 98.67% of the stock is currently owned by institutional investors.

Microchip Technology Company Profile

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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