Microchip Technology (NASDAQ:MCHP – Get Free Report) had its target price hoisted by stock analysts at Mizuho from $68.00 to $78.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Mizuho’s price target indicates a potential upside of 18.67% from the company’s previous close.
A number of other equities research analysts have also weighed in on MCHP. Bank of America raised Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research note on Friday, May 9th. Wall Street Zen lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Saturday, June 7th. Raymond James lifted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “strong-buy” rating in a research note on Friday, May 9th. Needham & Company LLC reissued a “buy” rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Finally, UBS Group raised their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.53.
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Microchip Technology Price Performance
Microchip Technology (NASDAQ:MCHP – Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company’s revenue was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, equities research analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current fiscal year.
Insider Transactions at Microchip Technology
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer now owns 34,313 shares of the company’s stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director now directly owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.
Hedge Funds Weigh In On Microchip Technology
Several hedge funds and other institutional investors have recently bought and sold shares of MCHP. Stratos Wealth Partners LTD. boosted its holdings in Microchip Technology by 7.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 4,680 shares of the semiconductor company’s stock worth $268,000 after purchasing an additional 321 shares during the last quarter. Savant Capital LLC boosted its stake in shares of Microchip Technology by 11.5% in the 4th quarter. Savant Capital LLC now owns 6,158 shares of the semiconductor company’s stock worth $353,000 after buying an additional 636 shares during the last quarter. Essex Financial Services Inc. boosted its stake in shares of Microchip Technology by 19.9% in the 4th quarter. Essex Financial Services Inc. now owns 4,891 shares of the semiconductor company’s stock worth $280,000 after buying an additional 813 shares during the last quarter. Portfolio Design Labs LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth $201,000. Finally, Van ECK Associates Corp increased its position in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after acquiring an additional 3,131,807 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.
About Microchip Technology
Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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