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.
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.
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.
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