Analysts expect Microchip Technology Incorporated (NASDAQ:MCHP) to report $1.00 billion in sales for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Microchip Technology’s earnings, with the lowest sales estimate coming in at $999.00 million and the highest estimate coming in at $1.01 billion. Microchip Technology reported sales of $871.36 million during the same quarter last year, which suggests a positive year-over-year growth rate of 14.8%. The company is scheduled to announce its next quarterly earnings report on Monday, November 6th.

On average, analysts expect that Microchip Technology will report full year sales of $1.00 billion for the current fiscal year, with estimates ranging from $3.92 billion to $4.18 billion. For the next fiscal year, analysts anticipate that the company will report sales of $4.18 billion per share, with estimates ranging from $4.03 billion to $4.42 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly 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. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same period in the previous year, the business posted $0.84 earnings per share. The business’s revenue was up 21.6% compared to the same quarter last year.

Several analysts recently weighed in on the stock. B. Riley reiterated a “buy” rating and issued a $120.00 price objective on shares of Microchip Technology in a research report on Friday, August 4th. Mizuho reiterated a “neutral” rating and issued a $84.00 price objective (up from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, August 9th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $94.00 price objective (up from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $89.93.

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In other news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the transaction, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,167,997.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 22nd. The stock was 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 worth $561,905 in the last ninety days. Corporate insiders own 2.13% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Smithfield Trust Co. increased its position in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after acquiring an additional 7 shares in the last quarter. Keel Point LLC increased its position in shares of Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock worth $264,000 after acquiring an additional 11 shares in the last quarter. Nicolet Bankshares Inc. increased its position in shares of Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock worth $281,000 after acquiring an additional 11 shares in the last quarter. Mission Wealth Management LLC increased its position in shares of Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock worth $267,000 after acquiring an additional 26 shares in the last quarter. Finally, Commonwealth Bank of Australia increased its position in shares of Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after acquiring an additional 29 shares in the last quarter. 98.68% of the stock is currently owned by institutional investors.

Microchip Technology (NASDAQ:MCHP) opened at 91.30 on Friday. The firm has a market capitalization of $21.25 billion, a price-to-earnings ratio of 49.19 and a beta of 1.07. The stock’s 50 day moving average is $87.16 and its 200-day moving average is $80.96. Microchip Technology has a 52 week low of $57.52 and a 52 week high of $91.83.

About Microchip Technology

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.

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Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

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