Microchip Technology Incorporated (MCHP) Lifted to Buy at BidaskClub

Microchip Technology Incorporated (NASDAQ:MCHP) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, August 9th.

A number of other research firms also recently issued reports on MCHP. Mizuho reissued a “neutral” rating and issued a $80.00 price target (up from $75.00) on shares of Microchip Technology in a research note on Wednesday, June 7th. Credit Suisse Group reissued an “outperform” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, June 7th. Rosenblatt Securities reissued a “buy” rating and issued a $102.00 price target (up from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Stifel Nicolaus increased their price target on shares of Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Finally, B. Riley restated a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a report on Tuesday, June 6th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and an average target price of $88.80.

Shares of Microchip Technology (MCHP) traded down 0.09% during mid-day trading on Wednesday, reaching $81.58. The company’s stock had a trading volume of 1,349,171 shares. The firm has a market cap of $18.99 billion, a price-to-earnings ratio of 43.95 and a beta of 1.06. The company’s 50-day moving average is $81.03 and its 200 day moving average is $77.35. Microchip Technology has a 12 month low of $57.52 and a 12 month high of $87.49.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same period in the prior year, the firm earned $0.84 earnings per share. Microchip Technology’s revenue was up 21.6% on a year-over-year basis. On average, equities analysts anticipate that Microchip Technology will post $5.27 EPS for the current year.

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In other news, Director Wade F. Meyercord sold 1,300 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Stephen V. Drehobl sold 3,974 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,784 shares of company stock worth $629,735. Corporate insiders own 2.13% of the company’s stock.

A number of large investors have recently modified their holdings of MCHP. Grove Bank & Trust boosted its stake in shares of Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares in the last quarter. Duncker Streett & Co. Inc. boosted its stake in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares in the last quarter. Trust Co. of Vermont boosted its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. boosted its stake in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Microchip Technology during the first quarter valued at about $135,000. Institutional investors own 98.67% of the company’s stock.

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.

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