Microchip Technology Incorporated (NASDAQ:MCHP) – Equities researchers at Jefferies Group boosted their Q3 2018 earnings estimates for shares of Microchip Technology in a report issued on Thursday. Jefferies Group analyst M. Lipacis now forecasts that the semiconductor company will earn $1.24 per share for the quarter, up from their prior forecast of $1.21. Jefferies Group has a “Buy” rating and a $106.00 price objective on the stock.

MCHP has been the topic of a number of other reports. Mizuho reissued a “neutral” rating and issued a $84.00 price target (up from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. Morgan Stanley reissued an “overweight” rating and issued a $94.00 price target on shares of Microchip Technology in a research report on Wednesday, September 20th. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Argus began coverage on Microchip Technology in a research report on Friday, October 6th. They issued a “buy” rating and a $106.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Microchip Technology has an average rating of “Buy” and a consensus target price of $91.59.

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Microchip Technology (NASDAQ:MCHP) traded down 0.34% on Friday, hitting $92.73. The stock had a trading volume of 1,808,874 shares. The company has a market cap of $21.58 billion, a P/E ratio of 49.96 and a beta of 1.07. The stock has a 50 day moving average price of $89.73 and a 200 day moving average price of $82.28. Microchip Technology has a 1-year low of $58.79 and a 1-year high of $94.66.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The company had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same quarter last year, the company earned $0.84 earnings per share. The company’s revenue for the quarter was up 21.6% on a year-over-year basis.

A number of hedge funds have recently added to or reduced their stakes in the stock. Smithfield Trust Co. lifted its position in 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 acquiring an additional 7 shares in the last quarter. Keel Point LLC lifted its position in Microchip Technology by 0.3% in the 1st quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock valued at $264,000 after acquiring an additional 11 shares in the last quarter. Nicolet Bankshares Inc. lifted its position in Microchip Technology by 0.3% in the 2nd quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after acquiring an additional 11 shares in the last quarter. Commonwealth Bank of Australia lifted its position in 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 acquiring an additional 29 shares in the last quarter. Finally, Girard Partners LTD. lifted its position in Microchip Technology by 0.9% in the 2nd quarter. Girard Partners LTD. now owns 3,731 shares of the semiconductor company’s stock valued at $288,000 after acquiring an additional 33 shares in the last quarter.

In related news, VP Stephen V. Drehobl sold 3,076 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the transaction, the vice president now directly owns 14,263 shares of the company’s stock, valued at approximately $1,167,997.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Wade F. Meyercord sold 1,300 shares of the company’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 disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock worth $561,905 over the last ninety days. 2.13% of the stock is currently owned by insiders.

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.

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

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