Microchip Technology (MCHP) Given New $99.00 Price Target at Morgan Stanley
Microchip Technology (NASDAQ:MCHP) had its price objective increased by analysts at Morgan Stanley from $97.00 to $99.00 in a report issued on Wednesday. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s target price indicates a potential upside of 15.33% from the stock’s previous close.
A number of other equities analysts have also weighed in on MCHP. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. Stifel Nicolaus reissued a “buy” rating and issued a $94.00 price objective on shares of Microchip Technology in a research report on Thursday, September 28th. B. Riley reissued a “buy” rating and issued a $123.00 price objective (up previously from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a report on Tuesday, September 19th. Finally, Argus assumed coverage on shares of Microchip Technology in a report on Friday, October 6th. They issued a “buy” rating and a $106.00 target price for the company. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $99.71.
Microchip Technology (NASDAQ MCHP) traded down $1.55 during trading hours on Wednesday, hitting $85.84. 1,898,100 shares of the stock were exchanged, compared to its average volume of 2,518,566. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $20,440.99, a price-to-earnings ratio of 18.51, a PEG ratio of 1.40 and a beta of 1.00. Microchip Technology has a twelve month low of $62.21 and a twelve month high of $95.92.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The company’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 earnings per share. equities analysts expect that Microchip Technology will post 5.12 earnings per share for the current year.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zions Bancorporation boosted its stake in shares of Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust purchased a new position in shares of Microchip Technology in the third quarter valued at $121,000. Valeo Financial Advisors LLC purchased a new position in shares of Microchip Technology in the third quarter valued at $146,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after purchasing an additional 1,807 shares during the period. Finally, Commonwealth Bank of Australia boosted its stake 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 valued at $163,000 after purchasing an additional 29 shares during the period.
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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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