Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “hold” rating restated by investment analysts at SunTrust Banks, Inc. in a note issued to investors on Thursday. They presently have a $90.00 target price on the semiconductor company’s stock. SunTrust Banks, Inc.’s price objective points to a potential downside of 1.94% from the company’s current price.

Several other research firms have also recently weighed in on MCHP. Mizuho restated a “neutral” rating and issued a $84.00 price objective (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Morgan Stanley restated an “overweight” rating and issued a $94.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 20th. ValuEngine cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Argus began coverage on shares of Microchip Technology in a research report on Friday, October 6th. They issued a “buy” rating and a $106.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $90.88.

Shares of Microchip Technology (NASDAQ:MCHP) traded down 0.16% during mid-day trading on Thursday, hitting $91.78. The stock had a trading volume of 1,119,525 shares. The stock has a market cap of $21.36 billion, a price-to-earnings ratio of 49.45 and a beta of 1.07. The firm has a 50 day moving average of $88.28 and a 200 day moving average of $81.55. Microchip Technology has a one year low of $57.52 and a one year high of $92.40.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.14 by $0.17. The business had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. Microchip Technology’s revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. On average, analysts forecast that Microchip Technology will post $5.28 earnings per share for the current year.

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In related news, Director Wade F. Meyercord sold 1,300 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,453 shares of the company’s stock in a transaction 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 have sold a total of 6,829 shares of company stock valued at $561,905 in the last quarter. Corporate insiders own 2.13% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Grove Bank & Trust increased its position in shares of Microchip Technology by 15.8% in the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares in the last quarter. Trust Co. of Vermont increased its position in shares of Microchip Technology by 9.2% in the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. increased its position in shares of Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares in the last quarter. Commonwealth Bank of Australia increased its position in shares of Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter valued at $173,000.

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.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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