Bank of America Cuts Microchip Technology (MCHP) Price Target to $110.00

Microchip Technology (NASDAQ:MCHP) had its target price cut by equities researchers at Bank of America from $120.00 to $110.00 in a note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Bank of America’s target price suggests a potential upside of 37.67% from the stock’s current price.

Several other brokerages have also recently issued reports on MCHP. Jefferies Group upped their price objective on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. B. Riley reaffirmed a “buy” rating and set a $123.00 price objective (up previously from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $100.00 price objective (up previously from $94.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Needham & Company LLC upped their price objective on shares of Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a research note on Tuesday, November 7th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $120.00 price objective on shares of Microchip Technology in a research note on Tuesday, November 7th. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $103.29.

Shares of Microchip Technology (NASDAQ MCHP) opened at $79.90 on Wednesday. Microchip Technology has a one year low of $69.76 and a one year high of $99.17. The stock has a market cap of $19,429.39, a PE ratio of 16.52, a P/E/G ratio of 1.16 and a beta of 1.05. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.71 and a current ratio of 2.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The company had revenue of $994.10 million during the quarter, compared to analysts’ expectations of $992.10 million. During the same quarter in the prior year, the company earned $1.05 EPS. Microchip Technology’s revenue was up 19.1% compared to the same quarter last year. equities analysts expect that Microchip Technology will post 5.12 earnings per share for the current year.

In related news, CFO James Eric Bjornholt sold 1,801 shares of the 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the 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 transaction, the vice president now directly owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Pinebridge Investments L.P. boosted its position in shares of Microchip Technology by 70.9% during the 4th quarter. Pinebridge Investments L.P. now owns 14,918 shares of the semiconductor company’s stock worth $1,311,000 after purchasing an additional 6,187 shares during the period. Squar Milner Financial Services LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth approximately $205,000. First Allied Advisory Services Inc. boosted its position in shares of Microchip Technology by 58.7% during the 4th quarter. First Allied Advisory Services Inc. now owns 6,077 shares of the semiconductor company’s stock worth $534,000 after purchasing an additional 2,247 shares during the period. Toronto Dominion Bank boosted its position in shares of Microchip Technology by 14.1% during the 4th quarter. Toronto Dominion Bank now owns 100,937 shares of the semiconductor company’s stock worth $8,871,000 after purchasing an additional 12,499 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Microchip Technology by 33.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 344,263 shares of the semiconductor company’s stock worth $30,254,000 after purchasing an additional 86,077 shares during the period.

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Microchip Technology Company Profile

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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