Microchip Technology (MCHP) Given Buy Rating at Argus

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by research analysts at Argus in a report released on Friday. They presently have a $90.00 price target on the semiconductor company’s stock, up from their prior price target of $79.90. Argus’ price target suggests a potential upside of 12.64% from the company’s previous close.

Several other equities analysts have also recently commented on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $100.00 price target (up previously from $94.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a report on Friday, November 10th. Jefferies Group upped their price target on Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. B. Riley reaffirmed a “buy” rating and issued a $123.00 price target (up previously from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, January 26th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $102.35.

Microchip Technology (MCHP) opened at $79.90 on Friday. Microchip Technology has a 12-month low of $69.76 and a 12-month high of $99.17. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.71 and a current ratio of 2.98. The firm has a market capitalization of $18,600.00, a PE ratio of 82.37, a P/E/G ratio of 1.16 and a beta of 1.05.

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

In other news, CFO James Eric Bjornholt sold 1,801 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 value of $165,079.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 value of $261,414.32. Following the sale, the vice president now owns 15,767 shares in the company, valued at $1,445,203.22. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Zions Bancorporation grew its position in Microchip Technology by 215.5% during the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after acquiring an additional 836 shares during the last quarter. Amica Retiree Medical Trust bought a new stake in Microchip Technology during the 3rd quarter worth approximately $121,000. Valeo Financial Advisors LLC bought a new stake in Microchip Technology during the 3rd quarter worth approximately $146,000. Benjamin F. Edwards & Company Inc. grew its position in Microchip Technology by 608.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after acquiring an additional 1,807 shares during the last quarter. Finally, Squar Milner Financial Services LLC bought a new stake in Microchip Technology during the 4th quarter worth approximately $205,000.

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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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