Analysts at Piper Jaffray Companies assumed coverage on shares of Microchip Technology (NASDAQ:MCHP) in a note issued to investors on Monday, The Fly reports. The brokerage set an “overweight” rating on the semiconductor company’s stock.
A number of other research firms have also commented on MCHP. Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Friday, November 10th. Morgan Stanley upped their price target on Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Jefferies Group upped their price target on Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, November 7th. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $120.00 price target on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $110.00 price target (up previously from $95.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Five research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $99.71.
Microchip Technology (MCHP) traded up $2.22 during midday trading on Monday, hitting $88.97. The company’s stock had a trading volume of 2,182,190 shares, compared to its average volume of 2,513,654. Microchip Technology has a 1 year low of $62.21 and a 1 year high of $95.92. The company has a market cap of $20,291.26, a price-to-earnings ratio of 18.38, a PEG ratio of 1.39 and a beta of 1.00. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71.
In related news, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its holdings in Microchip Technology by 2,959.9% in the second quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock worth $623,093,000 after acquiring an additional 7,809,422 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Microchip Technology by 66.5% in the second quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after acquiring an additional 2,507,707 shares in the last quarter. Fred Alger Management Inc. boosted its holdings in Microchip Technology by 80.9% in the second quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock worth $258,479,000 after acquiring an additional 1,497,699 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Microchip Technology by 4.6% in the second quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock worth $1,823,190,000 after acquiring an additional 1,042,622 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Microchip Technology by 75.5% in the second quarter. Ameriprise Financial Inc. now owns 2,403,141 shares of the semiconductor company’s stock worth $185,475,000 after acquiring an additional 1,033,992 shares in the last quarter.
COPYRIGHT VIOLATION NOTICE: “Microchip Technology (MCHP) Now Covered by Piper Jaffray Companies” was posted by American Banking and Market News and is owned by of American Banking and Market News. If you are reading this article on another website, it was illegally copied and republished in violation of international trademark and copyright laws. The original version of this article can be read at https://www.americanbankingnews.com/2017/12/18/microchip-technology-mchp-now-covered-by-piper-jaffray-companies.html.
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.
