Microchip Technology Incorporated (NASDAQ:MCHP)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group LLC in a research note issued on Thursday. They presently have a $106.00 target price on the semiconductor company’s stock. Jefferies Group LLC’s target price points to a potential upside of 14.31% from the stock’s previous close. Jefferies Group also issued estimates for Microchip Technology’s Q3 2018 earnings at $1.24 EPS.

Other equities analysts have also recently issued reports about the company. BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Needham & Company LLC reiterated a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a report on Tuesday, September 19th. B. Riley reiterated a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a report on Wednesday, August 9th. Credit Suisse Group reiterated a “buy” rating on shares of Microchip Technology in a report on Friday, August 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $94.00 price target on shares of Microchip Technology in a report on Thursday, September 28th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Microchip Technology presently has an average rating of “Buy” and an average price target of $91.59.

Microchip Technology (NASDAQ:MCHP) traded down 0.34% during mid-day trading on Thursday, hitting $92.73. The company had a trading volume of 1,808,958 shares. The company’s 50 day moving average price is $89.90 and its 200-day moving average price is $82.42. Microchip Technology has a one year low of $58.79 and a one year high of $94.66. The company has a market cap of $21.58 billion, a PE ratio of 49.96 and a beta of 1.07.

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

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In other Microchip Technology news, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was 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 6,829 shares of company stock worth $561,905 in the last 90 days. Corporate insiders own 2.13% of the company’s stock.

Several large investors have recently made changes to their positions in MCHP. Municipal Employees Retirement System of Michigan lifted its position in shares of Microchip Technology by 1.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 6,970 shares of the semiconductor company’s stock worth $514,000 after buying an additional 120 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of Microchip Technology by 10.2% in the first quarter. Teachers Advisors LLC now owns 829,448 shares of the semiconductor company’s stock worth $61,197,000 after buying an additional 76,645 shares during the last quarter. Foresters Investment Management Company Inc. lifted its position in shares of Microchip Technology by 21.0% in the first quarter. Foresters Investment Management Company Inc. now owns 68,500 shares of the semiconductor company’s stock worth $5,054,000 after buying an additional 11,900 shares during the last quarter. Global X Management Co. LLC lifted its position in shares of Microchip Technology by 29.0% in the first quarter. Global X Management Co. LLC now owns 2,570 shares of the semiconductor company’s stock worth $190,000 after buying an additional 578 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in shares of Microchip Technology in the first quarter worth about $8,728,000.

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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