Jefferies Financial Group Cuts Microchip Technology (MCHP) Price Target to $102.00

Microchip Technology (NASDAQ:MCHP) had its price objective lowered by stock analysts at Jefferies Financial Group from $115.00 to $102.00 in a research note issued to investors on Thursday. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 41.41% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $115.00 to $95.00 in a report on Monday, September 17th. Morgan Stanley lowered their price target on shares of Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 3rd. ValuEngine cut shares of Microchip Technology from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 18th. Raymond James cut shares of Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price target on the stock. in a report on Tuesday, September 25th. Finally, Cfra reaffirmed a “buy” rating and issued a $110.00 price target on shares of Microchip Technology in a report on Wednesday, September 19th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $105.11.

NASDAQ:MCHP opened at $72.13 on Thursday. The company has a current ratio of 1.32, a quick ratio of 0.80 and a debt-to-equity ratio of 1.96. The company has a market capitalization of $16.56 billion, a P/E ratio of 13.90, a P/E/G ratio of 0.77 and a beta of 1.24. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $104.20.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Microchip Technology had a net margin of 0.59% and a return on equity of 37.96%. Microchip Technology’s revenue was up 49.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.41 EPS. As a group, sell-side analysts expect that Microchip Technology will post 6.36 EPS for the current year.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,998 shares of the business’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $337,151.34. Following the sale, the vice president now owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Ganesh Moorthy bought 12,000 shares of the stock in a transaction on Tuesday, August 14th. The shares were acquired at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. Insiders own 2.13% of the company’s stock.

A number of hedge funds have recently modified their holdings of MCHP. Principal Financial Group Inc. raised its holdings in Microchip Technology by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock valued at $513,132,000 after acquiring an additional 24,008 shares during the period. DnB Asset Management AS grew its position in shares of Microchip Technology by 4.0% during the 2nd quarter. DnB Asset Management AS now owns 28,946 shares of the semiconductor company’s stock valued at $2,633,000 after purchasing an additional 1,100 shares in the last quarter. IFM Investors Pty Ltd grew its position in shares of Microchip Technology by 43.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 10,669 shares of the semiconductor company’s stock valued at $970,000 after purchasing an additional 3,248 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Microchip Technology by 3.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 35,340 shares of the semiconductor company’s stock valued at $3,213,000 after purchasing an additional 1,223 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its position in shares of Microchip Technology by 20.7% during the 2nd quarter. Handelsbanken Fonder AB now owns 138,800 shares of the semiconductor company’s stock valued at $12,624,000 after purchasing an additional 23,800 shares in the last quarter.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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